2021 Revaluation Update and Tax Policy

At the March 17, 2021 meeting of the Executive Committee, the Committee considered the attached EX21-23 report from the Financial Strategy & Sustainability Division.

The Committee adopted a resolution to concur in the recommendations contained in the report, and the following amendments:

That City Council:

1.      Direct Administration to implement a phase-in of property tax changes to multi-family residential properties for changes in property taxes as a result of the 2021 revaluation, subject to three conditions being met: the property is multi-family residential, the property is owned and operated by a non-profit entity, and the property saw more than a 100% increase in its municipal property taxes as a result of the 2021 revaluation. The phase-in shall be applied as follows:

1.              2021 increase limited to 1/3 the of the property tax change

2.              2022 increase limited to 2/3 of the property tax change

3.              2023 the full increase would be applied; and

2.      Direct Administration to provide information on the removal of the mill rate subclass for Golf Courses and instead tax Golf Courses according to the effective commercial tax rate as part of the “Property Tax Review report” that is to come forward to the Executive Committee in Q3 of 2021.

Respectfully submitted,

EXECUTIVE COMMITTEE

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