Landlords cautioned about rent increases as property taxes go up
The Rent Assessment Board is cautioning landlords to abide by the law in seeking to increase rental fees in light of the increase in property taxes.
There have been concerns that rental cost could be hiked significantly with the spike in property taxes for most people.
Some property owners have said that their taxes have jumped to as high as 1,000 per cent.
The Rent Assessment Board says landlords can adjust rent if there is an increase in property taxes.
The Rent Restriction Act allows landlords to increase rent by seven and half per cent annually without approval from the rent board.
However, landlords who want a higher percentage increase must apply to the rent board for approval.
The board says where there is an unreasonable or illegal increase in rent, tenants are entitled to a refund.