QUEEN’S PARK - Tim Hudak, MPP for Niagara West-Glanbrook and Ontario PC Finance Critic is calling on Premier McGuinty to call immediately for debate his Private Members Bill, the Homestead Act 2007, to protect homeowners from a triple whammy assessment spike. On January 1, 2008, the McGuinty Government lifted its three year freeze on property assessments.

“Premier McGuinty froze assessments until conveniently after the election to dodge the issue,” said Hudak. As a result, homeowners will receive three years' of assessment increases at once resulting in double to triple digit property assessment increases. “Now homeowners are seeing the result of this - three years of assessment increases all at once. Premier McGuinty should act quickly to protect homeowners from three years of assessment increases. Capping property assessments at 5 percent per year will bring stability to taxpayers and help preserve the Canadian value of home ownership.”

The four primary benefits on the Homestead Act include:

• A cap on residential property assessment increases for tax purposes at five percent per year, as long as home ownership is maintained

• The ability for Ontario home owners to make up to $100,000 in home repairs, alterations, improvements or additions over a four year period without facing an increase in their property assessment

• Ensuring if there is an assessment appeal, the onus of justifying the increase lies with MPAC and not the individual landowner

• Ensuring MPAC maintains a record of the assessment based on its current value and provide a copy of the record to land owners within 24 hours at no charge

“Working families, seniors and young people are facing higher taxes, higher home heating costs, increased user fees and escalating energy costs in Dalton McGuinty’s Ontario,” Hudak said. “This year, they will face three years’ worth of property assessment increases that will be simply unaffordable to the beleaguered Ontario homeowner.”