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Pathway :: Home
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Regina Corporations Continue to Get Tax Break |
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Contributed by Jim Elliott
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Tuesday, 28 November 2006 |
On Monday, November 20th, the new City Council approved
giving a five year tax exemption to Borealis Retail Cornwall Centre
Inc. for their parkade space at the Cornwall Centre and the Sears
Parkade (2006-70 www.regina.ca/meetings.php3 ). This would amounts to
$903,901 a year (based on 2006 tax projections). The City’s share would
be $421,291. Approximately $438, 735 would be taken from the School
Board’s budgeted revenue stream and $43,875 would continue to be no
longer available to the Library Board.
This has been going on for
15 years. The council has been renewing the exemption in five-year
allotments. If one was to add up the lost revenue, based on 2006 tax
projections, this would be $13.56 Million dollars not received over the
past 15 years. This also means that those same three bodies, City of
Regina, Public & Separate School Boards and the RPL Board will not
receive $4.51 Million dollars over the next five years.
If any of
the taxing bodies wished to maintain the same dollar level of funding
for the taxpayers of Regina, they would be obligated to increase our
taxes over those same 20 years. Over the past 16 years, we have seen 5
zero mill rate increases, 7 years with increases of less than 2% and
only 4 over 2% (2.76%, 3.8% 4.33% and 4.1%).
The annual increase in
Consumer Price Index has average 2.76% over those same sixteen years.
Three years ago on December 12, 2003, the City Council provided
Cadillac Fairview, the owners of the Cornwall Centre, and Startek a
five-year tax exemption for the property used by Startek. This amounted
to approximately $200,000 dollars a year staying in the hands of the
corporation’s shareholders and not in the hands of the city to fix
roads, clear snow or other city services.
The business community
continues to get tax breaks while residential taxpayers continue to pay
a greater percentage of the tax load of this community. It used to be
50/50. Residential taxpayers now pay close to 60%.
Commercial
housing corporations received a tax break last year reducing their tax
burden by$4.9 Million dollars each year transfering that tax burden
onto Residential taxpayers. The tenants of those rental properties
still haven't seen the reduction in rent as promised by the business
owners.
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Written by hugo chavez on 2006-11-28 11:44:59
And the voters approve of it.
| Written by paladin on 2006-11-28 12:44:55
One can assume that normally the tax costs would be passed on to the consumer at the cash register resulting in higher retail or parking prices. So a worthwhile question might be, are these above mentioned reduced tax costs to the business owner being passed down to the poor old consumer? If so, then perhaps we all win a little, if not, then I suggest we make a hue and cry! I'm just not sure how we find out. Perhaps the business owners would like to answer this. | A follow - up
Written by Jim Elliott on 2006-11-28 23:12:23
The motion was passed on November 20th so it is legally binding on the taxpayers of this fair city.
As to the first comment, I suspect that most taxpayers don't even know that this has happened or were given the opportunity to vote on this. They did vote for this council in October.
As to the second comment, the renters of apartments have not received the benefits of the tax reduction received by apartment owners. As for the passing on to the consumer, one would have to check whether the parking fees for these parking lots have gone down. | Written by hugo chavez on 2006-11-29 08:31:13
Jimbo- What about Mr. Loucks and his property taxes ?
Did the parental responsibility motion get anywhere ?
Keep up the good work !
| Mr Loucks
Written by Citizen Wilson on 2006-12-01 00:13:21
I made a contribution...did you make one?
See: http://www.iheartregina.com/regina-blog/make-a-statement.html
As long as it always someone else paying.....why not reach into your own pocket and pony up? | Written by hugo chavez on 2006-12-01 08:44:22
Hey, grow a heart pal.
| Charity starts at home
Written by Citizen Wilson on 2006-12-01 20:22:43
...Hey Hugo (et al)...I reached into my own pocket, and sent in my own money. How much have you kicked in personally to help Mr. Loucks? You (and others) whine ...you can't act. Rather than flap your lips, why not open your wallet and make a donation yourself. 200 people who donate 20 bucks each...and Mr. Loucks keeps his house. Talk is CHEAP Chavez...and apparently so are you.
Citzen Wilson |
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Last Updated ( Tuesday, 28 November 2006 )
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