Tax Fairness for New, Purpose-Built Rental

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The decision

2024-04-09 · Executive Committee · adopted

As filed

The Executive Committee: 1. Requested the Chief Financial Officer and Treasurer to report to the June 18, 2024 meeting of the Executive Committee on legislative changes related to property taxes levied on multi-residential properties, with the objective of fair taxation across multi-residential typologies.

On the agenda

As the city filed it

In the Provincial Budget tabled on March 26, 2024, the Provincial government has indicated it will be providing municipalities with the flexibility to offer a reduced municipal property tax rate on new multi‐residential rental properties. This is a welcome step that allows the City of Toronto to introduce a measure of tax fairness for all purpose-built rental buildings, regardless of when they were constructed.

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Balancing the City's challenging financial position, market conditions, and affordability challenges, I am recommending that the Chief Financial Officer report on the enabling mechanisms required to align the rates with the objective of fair taxation across multi-residential typologies.

Staff recommended

Councillor Shelley Carroll recommends that: 1. Executive Committee request the Chief Financial Officer and Treasurer report to the June 18, 2024 meeting of Executive Committee on legislative changes related to property taxes levied on multi-residential properties, with the objective of fair taxation across multi-residential typologies.

On the record

The item as the City filed it