Altus Group Report Reveals Property Tax Burden a Continued Pressure Point for Businesses Across Canada During Challenging Pandemic Environment

Nachrichtenquelle: globenewswire
26.10.2020, 14:00  |  120   |   |   

While Vancouver and Calgary reduce property tax burden for businesses, Montreal and Toronto continue to post the highest commercial-to-residential tax ratios; Quebec City and Halifax also maintain higher ratio than national average

TORONTO, Oct. 26, 2020 (GLOBE NEWSWIRE) -- Altus Group Limited (“Altus Group”) (TSX: AIF), a leading provider of software, data solutions and independent advisory services to the global commercial real estate industry, in partnership with the Real Property Association of Canada (“REALPAC”) today released the 2020 Canadian Property Tax Rate Benchmark Report, which provides an in-depth look at property tax rates, both commercial and residential, in 11 major urban centres across Canada.

Property taxes are paid by both business property owners and residential property owners, however the rates they pay vary because they are set at the discretion of taxing authorities. The ongoing challenge that governments face is to find ways to fund municipal budgets while at the same time balancing the perceived fairness between commercial and residential taxpayers.

For over 17 years, Altus Group has conducted this report analyzing the differing tax ratios between commercial and residential properties. The 2020 report found that, for the third consecutive year, eight of the 11 cities surveyed have a commercial tax rate which is at least double the residential tax rate. This means that a commercial property would incur property taxes more than twice the amount of an equally valued residential property, resulting in dramatic impacts particularly on Canadian small businesses.

The average commercial-to-residential tax ratio for the cities surveyed in 2020 was 2.65, a positive trend reflecting a -6.56% decrease from 2.84 in 2019. This decrease was largely driven by significant reductions in the Vancouver and Calgary ratios, dropping -36.84% and -22.05% respectively. However, Montreal saw the largest increase in the survey of 4.45%, rising above a 4.00 ratio for the first time in 17 years.

Year-Over-Year Commercial-to-Residential Tax Ratios
City 2020 2019 % Change
2019 to 2020
Montreal
Toronto
Quebec City
Halifax
4.106
3.621
3.454
2.877
3.931
3.703
3.434
2.870
4.451
-2.213
0.580
0.262
Average 2.652 2.838 -6.563
Calgary
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Altus Group Report Reveals Property Tax Burden a Continued Pressure Point for Businesses Across Canada During Challenging Pandemic Environment While Vancouver and Calgary reduce property tax burden for businesses, Montreal and Toronto continue to post the highest commercial-to-residential tax ratios; Quebec City and Halifax also maintain higher ratio than national averageTORONTO, Oct. 26, …

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