101A: Taxed Out – How “Highest and Best Use” Commercial Tax Policy is Reshaping Toronto’s Neighbourhood Main Streets

October 01, 2019

11:00AM - 11:15AM

In recent decades, dramatic growth centred in Toronto’s downtown core has reshaped the skyline. It has also ushered in a new system of commercial property valuation known as “highest and best use.” Under this methodology, the Municipal Property Assessment Corporation (MPAC) assesses a commercial property’s value according to what it could be, rather than what it is today. This system has put enormous financial pressure on the diverse businesses responsible for paying these escalating tax bills. Without real solutions, the result may be the whole-scale hollowing out of independent culture, heritage, and small business across the city, dramatically reshaping neighbourhoods and main streets. Drawing from content from the Ryerson City Building Institute’s 2018 TAXED OUT exhibition, this session will put the policy issue of commercial property tax on display, highlighting the mechanics of how this issue impacts local businesses and what uneven growth looks like on Toronto’s main streets. Participants will also learn about a number of policy solutions that have been employed to address the impacts of rising commercial property taxes.
 

Speakers