The city of Toronto could stand to raise its property taxes by as much as 20 per cent, a new report suggests, pegging its rates as currently among the lowest across the Greater Toronto Area.
Next week, city council debates Mayor John Tory’s proposed budget, which holds the base-rate increase for residential property taxes at or below inflation, as Mr. Tory repeatedly promised in last year’s election campaign. If approved, the residential rate would rise by 2.55 per cent, but with a 0.5-per-cent levy dedicated to building infrastructure tacked on top of that.But Dr.
“The city, the councillors, they can’t cry poor,” Dr. Clayton said in an interview. “I know they are all scared of raising property taxes.” Dr. Clayton acknowledges that Toronto’s higher proportion of condominiums also skews his numbers, as they tend to have lower assessed values than single-family homes. He also adds that the city’s much larger business tax base has historically been a cash cow that allowed residential taxes to remain low.
globetoronto Time to raise taxes.
globetoronto This report completely negates the fact that Toronto has additional land transfer taxes and development surcharges.
globetoronto I often think of this when it cries poor.
globetoronto I'll move there to save money