Yonge Street Overnight 100% Tax increase 2017
This sudden 100% tax increase will not only destroy 2000 Yonge Street small business owners but may cause their employees to go bankrupt and lose their livelihoods as well. Businesses cannot just walk away from their lease contracts and are being expected to pay these sudden giant increases which are impossible for them to cope with.
When determining the latest tax assessments starting 2017, the provincial assessors are only looking at properties that recently sold on Young Street for the purpose of condo development. Their sole consideration is the size of the property and where it is located, not its current use. This year's new tax assessment has increased by 100% over the last assessments.
However, the reality is that sales have remained essentially the same for small businesses operating in these remaining buildings. City taxes on Yonge Street often comprise 60% of small businesses total rent. What used to be a $100,000 a year rent has suddenly become $160,000 rent with the city making 60,000 overnight windfalls. How can a small business be expected to come up with this kind of money?
The winners will be a tiny group of huge land speculators while the losers will be the thousands of ordinary Toronto small business owners and their staff. Why is the City of Toronto attacking these hundred young street small businesses and the thousands of people who work for them in this way?
It's time to fix market value assessment.
Please come to the meeting of the Yonge Street Small Business Association(Charles To Grosvenor) On Wednesday, August 2 at 7 PM At 620 Yonge St. to hear the areas landlords and tenants discuss what they can do to survive this devastating assault on their families livelihoods.
Also, see the memo from our Association released today here
For more information please contact John Anderson at 416-629-2169.