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Toronto Helps Businesses
As part of its overall strategy to enhance Toronto’s business climate, the City continues to reduce its tax rates for commercial, industrial and multi-residential properties to an approved target of 2.5 times that of the residential tax rate. The City expects to reach this targeted tax ratio for small business two years earlier than planned (by 2013 instead of 2015), and three years earlier (2017 instead of 2020) for all other non-residential properties.
More information on the City's Enhancing Toronto’s Business Climate Strategy.
For 2011, Council has continued to accelerate tax rate reductions for properties that are included in the "Residual Commercial" tax class.
"Commercial General" Tax Class
This tax class includes shopping centres, large office buildings, parking lots, vacant land and large sports facilities based on the property's classification as determined by the Municipal Property Assessment Corporation (MPAC).
"Residual Commercial" Tax Class
This tax class includes all other commercial property types that are not specifically included in the "Commercial General" tax class as noted above.
For properties in the “Residual Commercial” tax class, a lower tax rate applies to the first million dollars of a property's assessment (Band 1). The portion of the assessment above one million dollars is taxed at the "Commercial General" tax class rate (Band 2). If your property is in the "Residual Commercial" tax class, you will see the "Band 1" and/or "Band 2" on your tax bill under the Tax Class column.
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