MPAC to Reduce Assessments of Yonge Street Retail Properties in the Historic Yonge HCD

On August 31, 2017 the Municipal Property Assessment Corporation (MPAC) released a statement regarding the assessment of retail properties located within the Historic Yonge Street Heritage Conservation District (HCD).

In response to concerns raised by small business owners and Mayor John Tory that the assessed value based on sales price was seriously impacting their ability to maintain tenancy and/or ownership, and taking into consideration the Council-approved but appealed designation of the Historic Yonge HCD, MPAC has reduced the assessed values for these properties to reflect their current value.

The full press release from MPAC can be read here.

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