Quote:
Originally Posted by WhipperSnapper
Commercial is taxed higher. Commercial is valued higher. No, I have no interest in looking for supportive documentation because I really don't care what you believe.
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Here's the link on tax rates that you didn't want to look up:
https://www.toronto.ca/services-paym...ates-and-fees/
The difference between Commercial and Multi-Residential is roughly 2:1
However, the commercial here which retained the existing building was only 25 storeys at peak.
The residential proposal at 90/95 storeys is vastly taller. Its likely (we don't have the plans) that the floor plates for the residential would be smaller, but they would almost certainly cover significantly more total ft2. (across the new height).
Given the difference is assessed values on commercial vs multi-res on sale right now (per ft2); I find it extremely improbable there would be a net property tax loss.
The City would certainly prefer commercial, but its moving to accept conversion of many towers/sites to residential. Its not as if the City doesn't have another 15M ft2 of office that can be added to the pipeline if demand is there.
I'm not advocating or opposing the proposed change here, simply saying I don't think property tax revenue will be determinative.
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