Property taxes are the single largest operating expense for most commercial real estate properties. Canadian property taxes are ad valorem, or market-value based. In other words, within classes of property, higher-valued properties pay more property tax.
Describing a development as a “legacy project” tends to get overused, but when the partners behind the proposed master-plan redevelopment of Lansdowne Centre in Richmond, B.C. describe it as a legacy maker, it feels like they mean it.
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