500-per-cent property tax increase will change the face of yonge st.: keenan
So I know, and have warm memories of the people and regions I write here --
I have a conflict of interest in this story because I used to make a little money from these people and places.
At that time, they got money from the federal government to pay the minimum wage for me to paint the storefront.
A summer, I\'m in a 36-
Foot extension ladder, color on the first and second floors of Yonge restaurant and clothing store between college and Bloor.
I went back to Anderson\'s Morning Star store on Wednesday night.
Now move across the street.
Attend an emergency meeting of the business association.
Since then, many businesses there have gone through 20 years of ups and downs: The appeal of nails, the diversity of rocks, the Hockley Chinese store (
Has been there since 1900)
ABC book Cradle of cats
Many of them still occupyand three-
The street\'s floor storefront has long been defined.
But since then, there have also been many changes in the region.
The roadway food stall in Roy square was missing and replaced by a huge glass condominium tower in Broo.
The storees across the street are no longer there and instead are a construction site that will become a condominium building.
In the north and south of Wellesley, the entire block has now become a huge hole in the ground and will become an apartment building.
These changes inevitably lead to other changes.
Businessmen and landlords gathered Wednesday night said the changes were a crisis for small businesses.
At the time of the meeting, the Star reported that the rock-and-roll hairstyle agency, the House of Lords, was closing stores because the property tax was raised after 51 years of operation --
The owner calls it \"double taxation\"
It\'s too hard to absorb.
At a meeting half a block south, John Anderson told about 40 gathered businessmen sitting in the carved wooden doors sold behind his store that he expected the House of Lords to close just a start --
As many nodded, he proposed tracking businesses that were closed due to tax increases and labeling them as \"Tory mayoral Cemetery.
\"Read more: The House of Lords hairdressing salon will be closed in 51 years, although the discussion will soon show that the tax increase they complain about is not the responsibility of John Tory.
It is a provincial institution that does property tax assessment, MPAC.
Due to the recent sale of the block to apartment developers, each building in the strip was re-evaluated in accordance with the value of the province\'s jargon \"highest and best use.
It means a little T-
Shirt Shop on the 14 thfoot-wide, two-
Victorian brick buildings are rated as 40-
Floor apartment with a drug market for shoppers on the podium.
Paul Burford, the owner of the House of Lords, calls it a \"double tax \".
John Anderson is talking about \"increasing taxes by 100 a year \".
\"Other landlords noted that the assessment showed that their taxes had increased by 500 by 2020.
It looks like this: A landlord attending the meeting showed me 500-block of Yonge.
In 2016, he paid more than $22,000 in property taxes.
In 2017, he was asked to pay more than $48,000.
This growth is the first year in four years.
So he was told that there was a similar increase every year before 2020.
The landlord\'s direct property tax to the tenant is the standard of commercial real estate --
Commercial leases include the \"basic rent\" paid to the landlord, as well as the \"additional rent\" premium that absorbs all fees (such as taxes), which are adjusted annually.
However, the landlords present said that they could not pass on these increased costs to the tenants because the small retailers would go bankrupt, leave the space and the landlord would bring the bill with them.
George Giaouris owns a building in 500 Block (
\"I came here on Yongji Street.
He said: \"Since I was 9 years old
Run your own store on the main floor, north to leather.
\"My second floor tenant,\" he said at the meeting, \"I should have told them, \'your basic rent is $15 per square foot, and now the assessment shows that you are (taxes)
According to the assessment, $22 per square foot?
This is wrong.
I can\'t do that.
Some would say Giaouris and others like him should sell their buildings to developers who can build something to justify the \"highest use\" tax.
However, the landlord of Yongji does not even believe that the valuation has any meaning, which increases the insult to the injury.
The area is now covered as part of a Heritage Reserve, which means that many of the existing twoand three-
The multi-storey buildings that remain must be protected as they are now.
Any new tower to be built must be set at the back of the existing storefront building to maintain the character of the block.
That means there\'s not even a choice to build a big apartment there to make money.
In short, this is very similar to the problem facing the rebuilding warehouse at 401 Richmond Street.
I wrote an article earlier this year where the property tax for small galleries and artist studios was set to triple
Thanks again for the assessment of \"highest and best use\", reflecting the rise in apartments in other lots nearby.
Unless we want each community of newly built residential apartments quickly razed to the ground and replaced by walls of the same tower, the tax system we need to find a solution to is a problem.
The person attending the meeting seems to believe that the tax should be based on the current use of the property
Rather than some speculative use of \"higher\" or \"better.
A small bookstore should be taxed as a small bookstore, rather than a large apartment that may be feasible or not feasible on that website in 20 years.
680 Linda Malone, director of IAM Yoga studio at Yonge, told the meeting very specifically that she and others did not objectcondo.
In fact, she says she believes it is the customer who lives in some recently built new units that make her emerging business viable.
She said that as the city changes, many businesses on Yonge may even have to find a sideStreet location-
Maybe even her own.
\"But who thinks we will be punished for the loss of big developers?
Almost everyone in the room raised their hands, she asked.
\"We want to grow reasonably, so as business owners, we can see if our business can grow with the growth of downtown Toronto.
The 500 tax increase will squeeze us out of the market.
Edward Keenan wrote on the city issue. ca .