MPAC to Reduce Assessments of Yonge Street Retail Properties in the Heritage District
Pickering, Ontario - August 31, 2017- The Municipal Property Assessment Corporation (MPAC) understands the assessment concerns raised by small businesses on Yonge Street, which is why we have been working diligently with Yonge Street small business owners and the local councillor in recent months.
MPAC shares Mayor Tory’s interest in ensuring that these properties are assessed accurately and fairly. In light of the concerns that have been expressed by property owners and the introduction of the heritage designation, MPAC conducted a review of the assessment of properties in the area. Recognizing the area’s designation as a Heritage Conservation District and the availability of more recent property sales data, it was determined that reductions to the assessed values were warranted. The affected small businesses have already been made aware of the reduction and MPAC will issue official reduced property assessment notices in September with values reflective of the heritage designation.
We would also like to clarify that at no point has MPAC assessed these properties as though they had been redeveloped as condominium towers. These properties have been assessed based on sale prices of similar street front retail properties in the area. Our review has enabled MPAC to ensure that the assessment of these properties has been revised to accurately reflect their current value.
Cathy Ranieri Sweenie
Director, Public Affairs
Municipal Property Assessment Corporation