Non-Residential Tax Assessment
Area of Focus: Thriving
Non-Residential Taxes to Total Taxes, 2006-2016
Region of Peel, Finance Department.
Why is this important?
- The Region of Peel receives tax revenue from residential and non-residential properties.
- In Peel, the ideal percentage of non-residential tax revenue ranges between 35% and 45%.
- Non-residential taxes are affected as the economy shifts from manufacturing towards a more services-orientated economy, resulting in a reduction of the non-residential property tax base in Peel.
- The percentage of non-residential tax revenue within the "threshold" range tells us that we have a community in which we can work and live, and where businesses are healthy.
How is this measured?
- The non-residential tax revenue is calculated annually after the final tax rates have been determined by the local municipalities, and after the education rates have been set by the Province.
- Peel uses this data to monitor whether the proportion of non-residential tax revenues is within the 35-45% threshold.
What progress are we making?
- The proportion of non-residential tax revenues has been within Peel’s threshold for the past 10 years, but has declined steadily to 37.2% in 2016.
- This trend and trends that affect employment are being considered through the Plan and Manage Growth Term of Council Priority.