Comment 57103

By A Smith (anonymous) | Posted January 19, 2011 at 16:48:47

Jason >> He then informed listeners that in 2009 the City of Brampton had $160 million in commercial/industrial building permits. That same year, the City of Mississauga also had roughly $160 million in industrial/commercial building permits. The City of Hamilton had $309 million in commercial/industrial building permits in 2009 and we are on track for the same in 2010.

Hamilton dropped commercial tax rates from 4.573% in 2008 to 4.324% in 2009, a reduction of $249 per 100k of assessment and reduced them $316 for industrial properties. Mississauga dropped commercial rates by less than half that, saving only $122 per 100k of commercial and $104 for industrial assessment. Brampton reduced taxes on commercial by $114 per 100k of commercial properties and industrial taxes by $95 per 100k.

It would appear that Hamilton's larger tax reductions on property investment had a positive impact on creating more incentive to build here.

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