Toronto eyes extending 10-per-cent cap on tax increases for commercial properties GlobeSmallBiz
With soaring property taxes and lease rates putting intense pressure on small business, the City of Toronto is proposing a 10-per-cent cap on all commercial, industrial and multi-residential tax increases for a second year in a row.
For Toronto, the tax cap is also a stopgap. City council will likely approve its extension for 2019, according to Ward 13 Councillor Kristyn Wong-Tam; but in the meantime, city staff are working on robust tax reform recommendations to present to council later this spring. Mr. Sheedy said there are dozens of empty storefronts in the Beaches between Woodbine Avenue and Fallingbrook Avenue, in part because of rising lease rates.Local business groups have been campaigning hard for tax reform. The Yonge Street Small Business Association organized events and met with politicians, including Ms. Wong-Tam, last year, opposing the tax jumps.
This means that in areas with heavy development, a two-storey corner store can be valued as if it were a high-rise condominium, causing property taxes to skyrocket. Ms. Wong-Tam said MPAC could assess more commercial properties based on an income approach, where an income-producing property’s ability to earn revenue is directly tied to its market value.
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