Boat clubs in a sea of worry

News Toronto & GTA
Boat clubs in a sea of worry
By DON PEAT, SUN MEDIA Last Updated: 11th January 2009, 10:40am

It's hard to drown a rat but a surprise $139-million property assessment could do the trick. The Water Rats Sailing Club isn't alone -- small recreational sailing clubs along Toronto's waterfront may all be sunk after receiving increases 10 to 20 times higher than their previous 2005 municipal tax assessments.

Eight clubs, including the Rats, use a stretch of land off Unwin Ave. along Regatta Rd. These low-cost, small clubs -- some that even provide boats to members -- lease the land from the city and as part of the deal they pay the taxes on the polluted, unserviced and small parcel pegged as being worth nearly $140 million in the latest assessment notice by the Municipal Property Assessment Corporation, up from a mere $6 million three years ago.

http://www.torontosun.com/news/torontoandgta/2009/01/11/7985771-sun.html