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For the first time that anyone at Ottawa City Hall can remember, the proposed 2015 property-tax rate increase is significantly lower for commercial property owners than for their residential counterparts.
The rates: The draft budget calls for a two-per-cent tax increase for residential properties, a 1.37-per-cent increase for commercial.
Why the difference: City treasurer Marian Simulik explained that the province sets a limit as to how much tax a commercial property owner can pay in relation to how much a resident pays. That ratio limit is 1:1.98, or to put it another way, commercial properties can’t generate more than 1.98 times the amount of taxes that a residential property of the same assessed value does.
An example: If a home worth $100,000 generates $100 of property taxes, then a commercial property also worth $100,000 can only generate $198 of property taxes under provincial rules.
The city’s issue: For the the total taxes generated by commercial properties to fall within that 1:1.98 ratio set by the province, the city had to levy a smaller increase on businesses than to residents. But even though commercial property owners are being hit with a lower increase, they still pay more property taxes than homeowners. For an average residential property assessed at $355,000, the homeowner is facing $3,406 in property taxes in 2015. A commercial property assessed at just $283,100 will generate $5,053 in taxes next year.
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The rates: The draft budget calls for a two-per-cent tax increase for residential properties, a 1.37-per-cent increase for commercial.
Why the difference: City treasurer Marian Simulik explained that the province sets a limit as to how much tax a commercial property owner can pay in relation to how much a resident pays. That ratio limit is 1:1.98, or to put it another way, commercial properties can’t generate more than 1.98 times the amount of taxes that a residential property of the same assessed value does.
An example: If a home worth $100,000 generates $100 of property taxes, then a commercial property also worth $100,000 can only generate $198 of property taxes under provincial rules.
The city’s issue: For the the total taxes generated by commercial properties to fall within that 1:1.98 ratio set by the province, the city had to levy a smaller increase on businesses than to residents. But even though commercial property owners are being hit with a lower increase, they still pay more property taxes than homeowners. For an average residential property assessed at $355,000, the homeowner is facing $3,406 in property taxes in 2015. A commercial property assessed at just $283,100 will generate $5,053 in taxes next year.
查看原文...
