News•Apr 28, 2026
What Ontario’s Assessment Freeze Is Costing Toronto Businesses
Ontario’s property‑assessment freeze, locked at 2016 levels, is forcing Toronto businesses to pay taxes on values that no longer exist. Analysis of 42 large office sales shows more than 40% are overtaxed, with 18 properties paying over 50% above market – a reassessment could cut taxes by up to half, saving roughly $1.9 million USD for a single building. Smaller office conversions and street‑level retail are also hit; two‑thirds of 12 recent conversions are overtaxed and 246 retail firms collectively overpay about $2.6 million USD each year. The cumulative effect is millions of dollars in unnecessary tax burdens across the city.
