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Small Business Property Tax Subclass
Toronto, ON
Toronto offers small business property tax reduction program
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|noCondition
grant_single|deadlines
- grant_single|openingDateFebruary 16, 2024
- grant_single|closingDateMay 16, 2024
grant_single|financingType
Tax Credits
grant_single|eligibleIndustries
- Retail trade
grant_single|grantors
- City of Toronto
grant_single|status
grant_card_status|open
grant_single_labels|preview
The Small Business Property Tax Subclass program provides a maximum reduction of 35% for eligible small business properties' municipal taxes and a 15% reduction on the provincial education portion of property taxes. The purpose of the program is to offer tax relief to small business property owners in Toronto by reducing their property tax rates under specific eligibility criteria.
grant_single_labels|terms_and_conditions
The Small Business Property Tax Subclass offers tax reductions as a form of financial relief for eligible properties classified under this subclass. This initiative aims to ease the property tax burden on qualifying small business properties in Toronto.
- A 15% tax rate reduction on the commercial property tax rate for eligible properties under the small business subclass for the 2024 tax year.
grant_single_labels|admissibility
To be eligible for inclusion in the Small Business Property Tax Subclass, a property must meet specific criteria based on its location and characteristics.
- Property must be classified within the Commercial or New Commercial Property Tax Class (CT or XT classification), excluding certain property types noted.
- For properties located anywhere in the city, the Current Value Assessment for the 2024 taxation year must be $10,000 or more and $1 million or less.
- For properties located within Downtown and Central Waterfront, Growth Centres, and Avenues, the Current Value Assessment must be $10,000 or more and $7 million or less.
- For properties within Downtown and Central Waterfront, Growth Centres, and Avenues, the lot size must be 7,500 square feet or less, or the Gross Floor Area (GFA) must be 2,500 square feet or less if applicable to commercial condominiums.
- For identified strip plaza properties anywhere in the city, they must be classified within specified property codes and have shared or common parking areas.
- The Current Value Assessment for strip plaza properties must be $10,000 or more and $7,000,000 or less.
- The site area for strip plaza properties must be less than or equal to 25,000 square feet, and a Gross Floor Area less than or equal to 25,000 square feet.
- Properties that are part of office buildings, shopping centres, certain vacant land classes, or with a demolition permit are excluded.
grant_eligibility_criteria|who_can_apply
Property owners of commercial properties or new commercial properties in Toronto that meet specific criteria, such as classification within the commercial classes and specific current value assessments, may automatically qualify for the Small Business Property Tax Subclass without needing to apply. Tenants should verify eligibility with their landlords.
grant_eligibility_criteria|who_cannot_apply
This tax reduction excludes certain property types from eligibility. These restrictions ensure that only qualifying business property owners benefit from the small business property tax subclass.
- Properties classified within the office building class.
- Properties categorized as shopping centres.
- Properties identified as parking lots or vacant land.
- Land classified within the Creative Co-location Facility subclass or Vacant Land subclass.
- Property that does not contain an affixed building or structure.
- Land for which a demolition permit has been issued.
grant_eligibility_criteria|zone
This grant targets specific areas within Toronto for eligibility under the Small Business subclass. Properties located in these designated areas may qualify for property tax reductions.
- Downtown and Central Waterfront
- Growth Centres
- Avenues as designated on the City of Toronto map
grant_single_labels|contact
416-885-0462
