|
Downtown
Revitalization – Current Value Assessment
What Does This Mean?
Why Is This Important?
How Are We Doing?
Taking Responsibility
- What You Can Do
We Must All Be
Accountable – Improving Trees, Parks & Natural
Areas - Find Out More
What Does This Mean?
Tracking current
value assessment of properties in the Downtown
provides a good measure of the effects of
revitalization efforts. A major goal of the 1998
Downtown Millennium Plan was to increase tax
assessment in the core – citing major declines
that occurred in the 1990s.
Why Is This Important?
Downtown
revitalization is a critical component of smart
growth strategies. It will help moderate the
demand for Greenfield development, create mixed
use neighbourhoods, provide a variety of
transportation options and make efficient use of
existing infrastructure.
Back
to Top of Page
How Are We Doing?
æ
Getting Better
Note: Recent public sector
construction projects that have occurred in the
Downtown, such as the John Labatt Centre, are
not included in the data and therefore do not
artificially inflate the current value
assessment.
Note: The Provincial Government reformed current
value assessment in 1998 as the new standard for
property tax assessment in Ontario. Between 1998
and 2001, a transition period to this new
assessment method took place and, as a result,
stable and consistent data were not available
until the 2001 assessment year.
Between 2001 and 2004, the total
current value assessment of downtown properties
experienced a steady annual increase before
declining slightly in 2005. Overall the current
value assessment has increased by over $50
million during that time. Much of this increase
is due to new residential developments in the
core and the reformatting of Galleria London
from a retail use to an office use.
Back
to Top of Page
Taking Responsibility – What You Can Do
Live,
work, play, shop, dine and connect in the
Downtown. Visit
MainStreet London for more information.
MainStreet London is an organization funded by
the L.D.B.A and the City of London spearheading
the revitalization of downtown London through
sponsoring and encouraging façade improvements,
recruitment of new quality retail and business
tenants, promoting safety and cleanliness,
facilitating retail peer support and promoting
downtown events and festivals.
We Must All Be
Accountable – Improving Urban Planning
- Find Out More
Back
to Top of Page
|
