Here's an email i got from someone at the Revenue Services division with the City of Toronto regarding this:
Hi Derek:
The answer is in the information originally provided: As per the Assessment Act R.S.O., 1990 (S.3), "all real property in Ontario is liable to assessment and taxation."
Printed copy · Anthology Volume 2, page 538Printed copy from The Tender For Law Anthology, Volume 2, page 538 (printed 14 June 2014). Added by this site; not part of the Facebook export.