Quote:
Originally Posted by J pold
Bump.
Not sure were to post this but thought it was relevant to CP. The city is sitting with a massive tax short fall from all the vacant buildings downtown. The assessed values of these properties have dropped by the billions of dollars in the last handful of years and now the city is trying to shift the tax burden to suburban commercial owners who are generally small private groups. For some these PT bills are forcing them to close their door. Street front retail is by far the hardest hit with a number filing for bankruptcy or just walking away from their lease agreements. Anecdotally I've had a client who owns a small office building in the NW property tax bill jump from $33,000 to $70,000 over a two year period.
Why this matters to you is that there will be an inevitable shift from commercial property to residential property to make up the tax short fall. Calgary already has the biggest commercial vs residential tax gap of any city in the province at 1:4.14 and it isn't sustainable. I suspect that residential taxes will significantly increase in Calgary in the coming years as business push back on their assessments and demand a normalised commercial vs residential tax gap of 1:2.
Interesting reading here: https://calgarysbusiness.ca/albertas...siness-owners/ |
chickens come home to roost eventually in an oil and gas driven economy.
The anger of the stupidity of all this BS will not be restrained to just those that work in the industry downtown. Buckle up everyone but let your minds at ease and remember, at least 75 orcas maybe possibly could be saved from extremely dubious thought processes and logic exercises.