Toronto’s intensive growth has reshaped the skyline in recent years. It has also ushered in a new and perverse system of property tax assessment known as “highest and best use.” Under this methodology, the Municipal Property Assessment Corporation (MPAC) assesses a commercial property’s value according to what it could be, rather than what it is. As a result, property values have been skyrocketing in Toronto, and with them, commercial property tax bills.

This system has put enormous financial pressure on the diverse businesses and organizations responsible for paying these escalating bills, forcing cutbacks and sometimes, full closures. If we don’t find solutions, the result may be the full-scale hollowing out of independent culture, heritage, local entrepreneurship and small business across the city.