In 2017 and 2018, the city pulled a total of nearly $90 million from its fiscal reserve fund in an effort to cap non-residential property tax increases at 5 per cent. “It’s unique to Calgary.” In 2017 and 2018, the city pulled a total of nearly $90 million from its fiscal reserve fund in an effort to cap non-residential property tax increases at 5 per cent. Downtown office vacancy rates are still high at around 30 per cent, and Calgary’s unemployment rate remains at 8.2 per cent. Nenshi said the solution will likely involve a mix of one-time money, tax changes and sorting out a long-term solution. But the mayor added that transferring all of the tax burden to residential properties in “one fell swoop” ultimately won’t work.

Source: thestar November 07, 2018 02:29 UTC