Consultation: Removing the property tax reduction for vacant commercial and industrial property

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Aerial of Peterborough

The City of Peterborough is consulting with the community on whether to remove the property tax reduction that’s available for designated vacant and excess commercial and industrial properties.

Residents and business owners can submit comments on the Vacant Land Subclass Reduction review through a survey that is available on the City’s online engagement portal, Connect Peterborough, at connectptbo.ca. The survey will close at 9 p.m. on Friday, August 14, 2020. For a hard copy of the survey, please contact the City at 705-742-7777 or at tax@peterborough.ca.

Eliminating the tax rate reduction for vacant and excess commercial and industrial properties would bring those property classes in line with residential and multi-residential properties, which don’t get a similar discount.

In Peterborough, commercial land assessed as vacant or excess currently receives a 30 percent tax rate discount and industrial land assessed as vacant or excess receives a 35 percent tax rate discount. There are currently 189 properties in Peterborough with a vacant or excess land tax class. The tax rate discount for the program is expected to have a total value of $245,000 in 2021.

City Council approved consulting with the community regarding the proposed elimination of the Vacant Land Subclass Reduction. The consultation will inform the report with recommendations that will go to Council for its consideration.

Provincial amendments to the Municipal Act, 2001 outlined in Bill 70, Building Ontario Up for Everyone Act, allow municipalities to make changes to their commercial and industrial vacant and excess land subclass discount program.

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For further information, members of the media are invited to contact the undersigned:

Brendan Wedley, Manager of Communication Services

City of Peterborough

705-742-7777 ext. 1636