West Queen West is the latest Toronto neighbourhood under thread thanks to the city's new property tax assessments.
The so-called Arts and Design district that Vogue once named the second coolest neighbourhood in the world is now seeing a similar sort of property tax increase property that's afflicted so many independent businesses on Yonge St.
There is a growing concern amongst Queen St. business owners that they may not be able to afford their businesses as property tax assessments continue to increase along with Toronto's red-hot property market.
The issue largely steams from the practice of the city basing its property tax assessment on how much neighbouring businesses sell for, meaning that small, independent shops are impacted when banks or large retail chains pony up for expensive real estate nearby.
The West Queen West BIA is advocating for the small businesses in the neighbourhood, warning that if something isn't done, the very places that make the area so vibrant will soon be gone.
If there's a silver lining here it's the hope that Toronto will make good on its promise to reformulate how it assesses small business to better ensure they can survive.
by Lisa Power via blogTO
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