Loyalist Township council decided on Tuesday to request that Lennox and Addington county implement a new multi-residential tax subclass. The move could help create more affordable housing in the area.
The report from the finance department outlined two possible requests to be made, or the option of requesting both. The option council didn’t choose, due to costs, was to request was the implementation of a vacant home tax program that would see a tax rate given to owners of vacant units such as summer homes or cottages.
The province recently added a property tax option to reduce tax ratios for multi-residential rental properties to it’s 2024 budget, as well as an updated municipal vacant home tax policy framework.
Lennox and Addington County is the governing authority to implement the changes on a municipal level, but has requested the input from lower-tier municipalities before finalizing a decision on potential implementation.
