Confronted with increasing property taxes, George Giaouris isn’t really sure he can keep Northbound Leather open enough time to pass it along to his boy, as his dad did for him.
Nevertheless, a proposition to be debated by city board this week– topping real estate tax hikes this year for numerous Toronto services including Northbound– need to offer him some breathing room.Like lots of entrepreneur around Yonge St. and other parts of downtown, Giaouris has actually seen his tax bills soar along with land values, thanks to the enduring apartment boom. Numerous grumble that provincial reassessments, valuing their properties for the prospect of a domestic tower and raising the quantity they pay in city taxes, makes no sense when they remain in reality aiming to run a low-rise storefront business.”Just because a tower increased next door does not indicate my
business went up 50-fold since there’s 50 stories(there)now,” he said of his store, famous for fetish and kink wear, on St. Nicholas St. between Yonge and Bay Sts. “If anything( new condos have )adversely impacted me because of the fact my traffic has been repelled and company has suffered,”he said.”I used to occupy the entire structure– 12,000 square feet– and employed 28 people
.” Now Giaouris rents out two-thirds of his area and has a personnel of 18.” If I cannot make a go of it as a property owner, and taxes specify tenants find other locations, then this location will shutter.” Some services are already gone. House of Lords, a half-century-old hair beauty salon cherished by heavy metal stars, closed in 2015, mentioning increasing tax bills.The proposition going to council would restrict tax walkings this year to 10 percent for industrial, business and multi-residential properties.City staff would then deal with a more permanent option, possibly including
a new property-tax category for little business, with provincial approval.A host of other contentious issues on the program could see the city board conference stretch to 2 or more days.