Posted on 01/10/2024 10:17:07 AM PST by yesthatjallen
Toronto residents could see a hefty 10.5% property tax hike as a result of this year’s budget deliberations, which will take place over the coming weeks.
City Councillor Shelley Carroll, who is also budget chief for the City, confirmed the proposed increase on Wednesday morning. Prior to today, Carroll had only hinted at the increase, telling reporters earlier this week that it would be “substantial.”
The proposed hike is higher than the city has seen in several years. For some context, former Toronto Mayor John Tory raised the property tax rate by just 2.9% in 2022 and by 5.5% in 2023. Though last year’s hike was the highest since the city's amalgamation, it was still below Toronto's 6.6% rate of inflation.
Carroll says that the City is taking a more aggressive stance on property taxes because of Toronto’s enormous operating shortfall, which is estimated at close to $1.8B and is being exacerbated by growing demand for refugee claimant support and shelter spaces, as well as decreased transit revenues.
In light of those pressures, City staff have prepared a property tax increase of 9% for residential properties, “which allows for better alignment with other Greater Toronto and Hamilton Area municipalities,” according to a press release from the City.
SNIP
(Excerpt) Read more at storeys.com ...
How many Freeloading Trudeau Illegals live in Toronto ?
Illegal invaders can get expensive—for existing citizens.
It will be interesting to see how long it takes Toronto legal residents to bleed out...and realize who wounded them.
At what point do we say “no” and stop paying unconstitutional property taxes when they try this here? At think this is the kind of thing that will trigger a civil war when they start confiscating property because they raised the taxes 200%
Wow.
Another way to make housing unaffordable for average Joe.
All meant to drive out private landlords.
Toronto Budget Proposes 10.5% Property Tax Hike For Residential Properties
Do they have a separate tax rate for commercial properties or is bad journalism?
Bastard Marxy Boy Tax. Controlled masses don’t happen cheap.
Toronto is like the Berkley of the north. They get exactly what they want and have voted for.
Poutine-heads prepare to screw Toronto citizens.
“It will be interesting to see how long it takes Toronto legal residents to bleed out...and realize who wounded them.”
From the observation of NYC, Portland, Seattle, San Francisco, Los Angeles, I would say, never.
Yes. And the commercial rates vary a lot depending on various incentives and “deals” with the city.
+10 % and this is before the recession has even started.
A separate tax rate for residential and commercial properties would be illegal in the US. Notwithstanding the Tax Increment Financing that gives breaks to businesses, the basic rates has to be the same.
No such constraints in Soviet Canuckistan.
And the Courts might not enforce it, anyway.
My advice, GTFO of the GTA.
“The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.”
Vladimir Lenin
Toronto property tax rates. The last number is the total tax. For last year, the residential rate is 0.666274%. My rate here in Northern Virginia is $1.26/$100 assessed value
2023 Property Tax Rates
Description City Tax Rate Education Tax Rate City Building Fund Total Tax Rate
Residential 0.506079% 0.153000% 0.007195% 0.666274%
Multi-Residential 0.967784% 0.153000% 0.007064% 1.127848%
New Multi-Residential 0.506079% 0.153000% 0.007195% 0.666274%
Commercial 1.280528% 0.880000% 0.009289% 2.169817%
Industrial 1.272844% 0.880000% 0.018082% 2.170926%
Pipelines 0.973475% 0.880000% 0.013841% 1.867316%
Farmlands 0.126520% 0.038250% 0.001799% 0.166589%
Managed Forests 0.126520% 0.038250% 0.001799%
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