Toronto eyes new tax class that could spell relief for small businesses

In Realty Tax by Ricardo McRae


Given the massive value spikes of street front retail properties in Toronto, creating a new tax class that would be unique to the affected commercial properties is a welcome possibility!!

When Current Value was first brought in by the Conservatives it was the spike in values of the Yonge street front properties that brought in the much vaunted “Capping”. The Conservative government decided that the best way to address the spiking values, despite all the tools that they had, was to freeze the taxes for the owners whose properties were over assessed in order that the underdressed owners could continue to pay taxes which were too low.

Let’s hope that doesn’t happen again.

There are other ways to skin the cat. The route of creating a new tax class is a good possibility to explore. Anything would be better than “Capping”.

Click here for the Globe and Mail article dated October 31, 2017