SDG has left the door open for a new sub-classification of a property tax rate for multi-residential affordable housing. Article content

Council voted to pass a bylaw at its regular meeting Monday, giving it the power to reduce the tax rate for eligible properties by up to 35 per cent. The properties would have to meet the definition of affordable housing as laid out in existing legislation. The subclass can apply to existing or future housing. Article content

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The change comes as the Ontario government updated regulations earlier this year, which allowed municipalities to add a subclass to the tax rate for multi-residential properties. Similar changes were made for small businesses in 2022 and for multi-residential rental development in 2024

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