We have excellent news to share on the property tax assessment issue we messaged you about earlier this year (most recent email included below for reference).
You may have read an article in yesterday’s Toronto Star (https://www.thestar.com/news/queenspark/2017/09/26/401-richmond-getting-property-tax-relief.html) that the provincial government has announced it will work with the City of Toronto on creating a classification that would enable creative hubs to receive relief from property tax bills pegged to market values. This would strengthen affordability and sustainability across many Artscape buildings with nonresidential uses.
We view the announced commitment as a major step forward for the sector, and for advocates working in multiple ways to effect change on this issue. We applaud the efforts of the tenants at 401 Richmond and Margie Zeidler of Urbanspace Group for their work on this initiative. We have also been hard at work behind the scenes in recent months on this issue; it was Artscape that proposed the solution of a new property tax sub-class for community and cultural hubs. We are thrilled that our collective efforts have resulted in this breakthrough that will positively impact the future cultural development of our city.
There are many details yet to be worked out, and it will take time before the new tax category is finalized and implemented. We will keep you informed as the proposed model takes final shape. We will also keep you posted on the outcome of our two pending MPAC appeals, which are ongoing. For any questions, we invite you to contact our Facilities and Community Services department via [email protected].