This is what Brett Wilson was discussing on Twitter with the mayor last night. Check it out. His claim of a $95k bill suggests an assessed value of about $5.5 million. That's not unreasonable for a few thousand sqft of prime beltline mainfloor retail. 

I don't disagree with you that property tax should be <1% of revenues. The fact it isn't reflects poorly on city planning.

And Alberta does not have the lowest CIT rates after increases (it's tied for lowest for small-biz CIT, but is not the lowest for general CIT).