Cornwall Coun. Syd Gardiner. (Newswatch Group/Bill Kingston, File)
CORNWALL – The City of Cornwall won’t be going ahead with a special property tax to “motivate” owners to rent out their buildings and generate money for social housing.
City council agreed with administration Monday night to abandon the Vacant Properties Tax proposal from Coun. Syd Gardiner, which would have put the money from the tax into affordable housing.
Based on a city analysis there are 20 known residential properties identified as abandoned – half of those owe back taxes (in arrears). The city has 15,950 residential properties. At a 1.25 per cent tax, it would generate $24,656 a year.
CORNWALL – A city councillor wants to impose a special property tax to “motivate” owners to rent out their buildings.
Coun. Syd Gardiner will ask city administration to look into whether Cornwall can put a Vacant Properties Tax in place, similar to what Vancouver has and Toronto and Ottawa are looking at putting in place.
Vancouver’s Empty Homes Tax charges owners 1.25 per cent on a property’s assessed value. For example, a building worth $200,000 would face a $2,500 bill if it wasn’t rented out at least six months during the year. The money collected is put towards building more affordable housing.