By Jessica Pointon
Assistant to City Councillor Anthony Perruzza
COVID-19 has resulted in unprecedented impacts on many companies and stores, especially small businesses. On November 9, 2021, City Council approved a 15 percent reduction in the property tax rate for small businesses through a new property tax subclass. This tax relief effort is a step in the right direction to make taxation fairer in our pandemic recovery.
Approximately 25,000 or 60 percent of all commercial properties in Toronto will be eligible for this tax relief effort, including some locally and within Emery Village BIA. Small business property owners do not need to apply for consideration; the City of Toronto will automatically forward a list of commercial properties accepted in the new subclass directly to the Municipal Property Assessment Corporation (MAC) for adjustments.
This new subclass within the larger commercial tax class will benefit many small business property owners. This tax relief effort is one of the City of Toronto’s initiatives to support small businesses as they restore themselves and stabilize from the effects of COVID-19. The remaining properties in the commercial tax class will see a property tax rate increase of 0.85 percent in the municipal part of their property taxes to fund the relief effort.
Please visit the City of Toronto’s website, toronto.ca, and type “Small Business Tax Class” in the search window to clarify the eligibility requirements and steps for the appeal process. The full report, Implementing a Small Business Property Tax Subclass, is also available for you to review online.
“As a City Councillor, I connect with small, local business owners every day. I›ve listened to you share your experiences about the hardships you faced during the pandemic; this tax relief effort will help many of you rebuild and find a way forward. As always, I am here to advocate for you,” City Councillor Anthony Perruzza.
If you own a business in Emery Village BIA or in the area of Humber River-Black Creek, you can contact your local City Councillor, Anthony Perruzza, at 416-338-5335.
Or to ask questions and share your thoughts via email:
councillor_perruzza@toronto.ca