Toronto staff are recommending a nine per cent hike to the city’s residential property tax — the largest single-year increase since amalgamation in 1998 — as they look to fill a nearly $1.8 billion budget shortfall in 2024 and a grim long-term fiscal outlook.
With the recommendation of an additional 1.5 per cent increase to the city building tax, property owners could see their tax bill jump 10.5 per cent this year if the figures go unchanged during five weeks of scheduled budget debates and consultations.
I’m in favour of this, much more than the sales tax added.
Toronto needs more income to provide residents with great services. (I’m not saying that we could also waste less money, but both can be true at the same time).
Property tax is a progressive tax, more comes from people who can afford it than those who can’t. This is unlike sales tax where people who make less spend more of their money and will pay a relatively higher tax.
No one likes paying more, but I really appreciate the services that the city provides (and could be providing if it had more budget).
Agree on all points. Frankly speaking, part of the reason housing prices are as high as they are is because it’s so cheap to continue owning one. And by not selling as often, the market prices soar and it becomes more difficult to have more efficient housing options replace single detached homes.
Not only that, but by increasing housing density, it further increases the city’s revenue and reduces cost of the infrastructure since a similar amount of infrastructure can service several times as many people.
Frankly, I hope that this not only passes, but keeps going for a few years. Homes should never be treated as investments, but necessities of life. Unlike investing in businesses, investing in homes puts greater burden on the economy rather than expanding it, and it’s only a matter of time before the bubble bursts, causing millions to love everything.