Mark Allen, REALTOR®

Property Taxes X Property Taxes

08 March 2019
Mark

Almost ever year you can bet on a property tax hike, whether it comes from the council budget of Toronto or the assessment of your property. Council continuously wastes our hard earned money and needs to ask for more on a seemingly more than regular basis. For what? Disintegrating infrastructures and or more services - in a time of technology and efficiency?! Yep, you bet, when in turn many services could be privatized to be made more efficient. So, where are they spending the monies we already give them for taxes? Well, of course we need to look at the budget notes - which they bury in a cacophony of minutes, whereas you need to be a lawyer to determine where the monies go. 

Here is a link to the minutes and notes on the city budget - https://www.toronto.ca/city-government/budget-finances/city-budget/notes-reports-and-presentations/all-budget-documents/

The increase in property tax this year is 2.55% which may very well end up being more than the rate of inflation for 2019. And there were actually university studies calling for a 20% property tax hike?? What in the name of healthy economics are they thinking?! I have been speaking to the fact(for years now - this is just a prediction) that cities and interest groups will study other Ontarian cities with higher property taxes - many of them will use Hamilton as a case study, Hamilton's city taxes are abnormally high, the city funnels exorbitant amounts of tax dollars to social services costing taxpayers $$$. The interest groups and cities will then use their case study data to try and skew property taxes to extreme increases to play some sort of catch up with incomparable and completely different municipalities. Cities may even try to add MLTT's with the excuse Toronto has one(which should be abolished immediately or properly invested and utilized so as to not rely on it).

This 20% tax increase study is dangerous - https://www.cbc.ca/news/canada/toronto/toronto-has-room-to-hike-property-taxes-by-20-to-fund-city-services-researchers-say-1.5038175

Here is a short read on the property tax increase - https://www.thestar.com/news/city_hall/2019/03/07/toronto-homeowners-to-pay-358-more-on-property-tax-bills-this-year.html

*The problem with taxation today is waste or inefficient usage. **info from city site and other sources.