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Edmonton is losing commercial and industrial development to surrounding municipalities and should take steps to ensure this lucrative source of taxes doesn’t drop further, a new city report says.

Over the past 15 years, Edmonton’s share of the region’s non-residential property assessment has declined to 72 per cent from 76 per cent, largely because the city has been “out-competed and out-performed” by its neighbours, according to a report released Thursday.

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But it’s critical for the city’s long-term financial health to attract more industry, which pays a higher tax rate than housing — industrial sites generated $211 million in property taxes last year, or 16 percent of Edmonton’s total levy.

“The city does not financially benefit from non-residential tax growth outside its boundaries, and must continue to build and maintain a strong non-residential tax base through industrial development.”