HomeMy WebLinkAboutFIN 12-20Report to
Executive Committee
Report Number: FIN 12-20 Date: September 14, 2020
From: Stan Karwowski Director, Finance & Treasurer
Subject: Estimated Heritage Property Tax Grant Financial Impact
- File: F-4200-001
Recommendation: That Report FIN 12-20 from the Director, Finance & Treasurer regarding
the impact of a potential Heritage Property Tax Grant be received for information.
Executive Summary: At the July 27th Council meeting, Council adopted the motion for staff to
report back at the September 2020 Council meeting, on the impact of a potential Heritage Property Tax Grant.
To that end, this report answers the following questions.
1. How many homes are designated as heritage and would be eligible to take part in the
program?
2. What are the potential costs of the program to Pickering taxpayers? 3. How many properties are designated under the Heritage Act that are owned by the provincial and federal governments?
Financial Implications: There are two cost components to the Heritage Property Tax Grant:
1. grant expenditure as outlined below; and
2. staffing costs associated with administering and monitoring the program. When the Heritage Property Tax Grant program design is finalized, City staff will then provide an
estimate of the staff hours required to administer the program (Finance and City Development).
Discussion: There are 173 properties that have been identified as having historical significance or are in an area of historical significance. These properties were sorted into 3 groups. The potential City costs listed below are based on a rebate of 20 percent of the City’s share of property taxes.
Group 1 – Qualify: 50 Properties Potential City Costs: $22,000
These properties would likely qualify for a Heritage Property Tax Grant if the City were to offer such a program.