Good Morning Broadview Danforth BIA Members,
Some of you have been asking me about the impact of the City's proposed property tax increases on commercial property taxes. Here is some clarification:
- Per a Provincial law, commercial property taxes can only be increased by half of the residential tax increase
- So a 10.5% increase to residential property taxes would mean a 5.25% increase to commercial property taxes
These figures are shown in the table below from the forthcoming report on tax rates (to coincide with Budget approval).
Understand as well that the final rate increases remain subject to Council approval, and so the figures may change depending on what happens with Council’s budget approval.
|
Property Class |
2024 Tax Rate Increase for Operating Budget |
2024 City Building Fund Tax Rate Increase |
2024 Total Tax Rate Increase |
||||
|
Residential |
9.0% |
1.50% |
10.5% |
||||
|
Commercial |
4.5% |
0.75% |
5.25% |
As a reminder, Councillor Fletcher is hosting a virtual meeting tomorrow - Thursday, Jan. 25 at 7pm. This is an opportunity to provide your feedback and suggestions on the City's proposed budget. Please see the information below which includes the link to register for this meeting.
|