Item - 2024.EX13.17

Tracking Status

This item was considered by Executive Committee on April 9, 2024 and was adopted without amendment.

EX13.17 - Tax Fairness for New, Purpose-Built Rental

Decision Type:: ACTION

Status:: Adopted

Wards:: All

Committee Decision

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.

Origin

(April 8, 2024) Letter from Councillor Shelley Carroll

Summary

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. 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.

Background Information

(April 8, 2024) Letter from Councillor Shelley Carroll on Tax Fairness for New, Purpose-Built Rental
https://www.toronto.ca/legdocs/mmis/2024/ex/bgrd/backgroundfile-244808.pdf

Motions

Motion to Add New Business at Committee moved by Councillor Shelley Carroll (Carried)

Motion to Adopt Item moved by Councillor Shelley Carroll (Carried)