A proposed new commercial property tax subclass intended to foster and preserve cultural activity in the city’s core will fall short of its goals if adopted in its current form, its critics say. It recommends a 30 per cent rebate for qualifying properties on current commercial property tax rates. Many believed tax relief offered by the new tax subclass would be at least 40 per cent, with its proponents lobbying for as much as 67 per cent, which would bring the properties in question in line with residential tax rates. If the next assessment period shows similar gains, the 30 per cent rebate will have been wiped out in a single cycle. In its report, staff supported the 30 per cent figure as being in line with other tax breaks, such as those given to heritage properties.

Source: thestar February 07, 2018 20:26 UTC