Whereas the Region of York sets tax rate classifications for lower tier municipalities;
Whereas to increase the diversity of housing in Richmond Hill and to allow for more affordable options for our residents it would be beneficial to incentivize purpose-built rental buildings;
Whereas in order to lower property taxes on purpose-built rental buildings it is necessary to have a separate class of property.
Therefore Be It Resolved that the City of Richmond Hill Council supports implementing a 35% municipal property tax rate discount for eligible new for purpose-built rental buildings distinct from other types of multi-residential dwellings to encourage additional purpose-built rental supply.
And Therefore Be It Resolved that this resolution be forwarded to the Region of York and all of the lower-tier municipalities in the Region of York.