SASKATOON – The possibility of a reduction in the commercial tax ratio has been deferred by Saskatoon city council.
Administration had proposed reducing the ratio business owners pay in property taxes to from 1.75 1.43 of a homeowners rate.
The report recommended gradually lowering the rate over a 16 year period.
Several residents spoke out against the proposed reduction at Monday’s meeting, raising concerns a decrease in business property taxes would result in an increase to personal property taxes.
The Saskatoon Chamber of Commerce said it will use the time to convince the public why the ratio reduction will be beneficial to everyone.
“Most growth occurs from locally based businesses choosing to make expansions,” said Kent Smith-Windsor from the chamber.
“We want to encourage them to make bigger expansions sooner and faster. That will build the tax base and employment opportunities in Saskatoon.”
Councillors deferred discussion to the next property tax reassessment in 2016-17.
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