You could forgive small business owners along Yonge St. for feeling like they were under attack. As condo creep progressively defines what was once Toronto's most vibrant street, many longstanding shops have thrown in the towel on the heels of major property tax increases.
Places like House of Lords and Eliot's Bookshop announced their closures this month, citing the financial hardship tied to recent property tax assessments, though they're only the most visible of the causalities.
Today, however, there's some good news. After considerable pressure from the media, local business owners, and even Mayor John Tory, the Municipal Property Tax Assessment Corporation today announced that it will cooling its heels regarding an initial reassessment of property value on Canada's most famous stretch.
The newly revised assessment has scaled back on property tax increases in light of the fact that the area in question is a Heritage Conservation District, which limits the ability of building owners to redevelop their land.
Small business owners on Yonge can breathe a small sigh of relief, though the future of this stretch of the street is still very much up in the air.
by Lisa Power via blogTO
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