The promise of possible tax relief and lower rents for downtown Yonge St. small businesses has come from Councillor Wong-Tam. As reported here and elsewhere, many long-standing businesses are threatened by a doubling of property taxes this year. Wong-Tam says they will be reassessed. The rationale that permits increases of this kind seems perplexing. Some opinion suggests that a broad-brush application of assessment is being made based on property values without regard to any tenant’s capacity to pay. As many homeowners might say, “I could not afford this house if I had to buy it today.” But retail renters pay the market rate no matter how outrageous. CBC
