Item - 2018.EX36.7

The Executive Committee:

1.  Requested the Chief Financial Officer, as part of the ongoing review of Additional Property Tax and Legislative Change Options to Support Businesses, give consideration and review to the adverse impact on adjacent and other proximity sites of over-simplifying "highest and best use" evaluations when using the direct comparison approach by the Municipal Property Assessment Corporation (MPAC) to determine Current Value Assessment (CVA).

In January 2018, Council, in adopting Item EX30.5: Tax Policy Tools to Support Businesses, adopted a series of tax policy recommendations for 2018.  In its consideration of this item, Council also directed the Interim Chief Financial Officer to engage in broad public consultations to review additional property tax options for 2019 and future years, as well as any potential requests for legislative change for such options, and report to the July 17, 2018 meeting of Executive Committee.

In response to this direction, a number of City divisions worked collaboratively to design, prepare and deliver a series of in-person public consultation sessions, as well as an online survey, that were conducted over the course of April to June of 2018.  The feedback and information received from the various consultation sessions and online survey form the basis of this report.

This report also identifies eight considerations for the incoming Council to evaluate in establishing tax policies for 2019 and beyond, as supported by the results of the City's consultations.  City staff will continue discussions with Provincial staff and staff of the Municipal Property Assessment Corporation (MPAC) over the remainder of 2018 where legislative or regulatory amendments or changes in practice have been identified that may affect tax policy options or decisions.