The TIFF with TIEG: an evaluation of the City of Toronto's IMIT Program

Facing an increasingly integrated and competitive global economy, local governments have developed property tax incentive programs to entice businesses to build and locate domestically. This paper offers an account of how one specific property tax incentive program – the City of Toronto's Imagination, Manufacturing, Innovation and Technology (IMIT) program – came into existence and how it has evolved into the present day. An evaluation criteria analysis that builds on Hemson Consulting's 2017 review of IMIT follows. A review of literature and policy culminates in a list of recommendations for the City to consider as it strives to achieve its economic development objectives. Key words: property tax, incentive, economic development, employment