Day 74 Yonge Street Tax Revolt
It was August 18 th . Day 25 at City Hall. Councillor Kirsten Wong Tam called a meeting at City Hall to discuss MPAC Assessments along Yonge Street. At that meeting, MPAC representatives stated that affected property owners would receive an amended property owners Assessment Notice from MPAC in September. MPAC stated that 80 properties were involved. By September 15 the new assessments were received and continue to arrive on Yonge Street for the next two weeks. Day 65 Sept 25 Yonge Street Small Business Association started to check with members to confirm that all properties were indeed re-assessed.
The majority of the affected properties receives at 50% decrease of their new hyper increased assessment. I.e a 1000 square foot store with a $980,000 assessment in 2016 received a 5,000,000 assessment in 2017. After this re-assessment this store saw a decrease to 3 million dollars.
A tax bill of 2017 which was $40,000 is now $30,000. The yax bill for 2018 would be $40,000, 2019 would be $50,000. Year 2020 will be at $60,000. So the tax bill will increase by 200% on this property. Some properties that reacted immediately received a 1/3 reduction to their increase over the next 3 years will be 250% increase.
We are researching various assessments in our area and we will be coming out with a policy paper concerning why MVA is an unreasonable tax assessment for main street small business and Toronto has two tax systems. One is for small business and one for corporate business. Stay Tuned John Anderson