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It requires all of our attention. Tuesday, city administration told the priorities and finance committee the so called shift created by the drop in downtown property values represents a $192 million burden that must be shared by 13,815 commercial properties. In 2017 and 2018, city council spent $45 million and $41 million, respectively, on rebates to businesses to cap the resulting tax increases at five per cent.But city manager Jeff Fielding told members of council Tuesday the problem has grown so much since then, a similar rebate program this year would cost $89 million.never seen anything like it, Fielding said, adding if nothing is done, even landlords whose property values have declined in 2019 could see modest tax increases.
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