Toronto's booming, but our small businesses are suffering. Why? Because property taxes are shooting up by triple digits.
This is thanks to a crazy provincial system that assesses the property value based not on the real building that's there, but on the biggest and most profitable building that could go on that spot. MPAC told us: “...[Le Sélect’s] highest and best use is as a development site”– so Toronto loses a beloved landmark and 80 employees lose their jobs. Is this really the “best” use?
This policy was set by the previous Conservative government which created MPAC, the Municipal Property Assessment Corporation. Love your local coffee shop? MPAC values them as if they've already been demolished and are ready to be replaced with a condo tower over a chain store. So taxes shoot up, the owner gives up, and the condo goes up.
Our corner stores, cafés, bookstores, and restos are being stretched on the rack. This is for Doug Ford to fix! Tax us fairly, Mr Premier. Drop the "highest and best use" assessments and tax us based on what we are.
Independent storefronts give a neighbourhood its character and solidify its personality. Sign now to save Toronto's independent businesses from the wrecking ball.