yonge street toronto

Toronto might take steps to protect small businesses

Small businesses are closing on Yonge Street thanks to rising property taxes. And while it might be too late for places like House of Lords and Eliot's Bookshop, one city councillor is looking to improve things for others across Toronto.

According to Metro News, councillor Kristyn Wong-Tam will meet with the Municipal Property Assessment Corporation (MPAC) and hopes to develop strategies to help businesses stay put.

Property taxes are rising on Yonge Street because MPAC assesses them based on their "highest and best use," meaning low-rise buildings, like Eliot's and House of Lords, are being taxed as if they're giant condo towers.

As Metro writes, Wong-Tam's strategies include working with MPAC to create a more "nuanced" assessment process.

Wong-Tam tells Metro that what's happening on Yonge could occur elsewhere in the city, so she wants to help keep local retailers in place.

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