« Perspectives on Representation | Main | Toronto home buyer tax starts today »
Toronto's "tremendous achievement"
Is this a strange characterization of higher taxes?
Toronto homeowners will face a 3.75 per cent property tax increase this year, as well as the city's new land transfer tax which comes into effect today. The Toronto land transfer tax, which comes into effect today, is expected to raise $175 million for city coffers. There will also be a non-residential property tax increase of 1.25 per cent.
According to the city, the property tax increase will result in an additional $80.70 in taxes on a residence worth $365,000, which is thought to be the average Toronto house price.
In a statement, Mayor Miller said, "This is a tremendous achievement for the city. Building a city that is livable and provides prosperity and opportunity for everyone is the most important role of local government. This budget allows us to start to make the kinds of investments Torontonians want and deserve. As a government, we have made difficult decisions over the past months and are now starting to turn the corner."
Miller's opponents on council are not impressed. They say the 2008 budget is just as unsustainable as the ones in previous years, the only difference being that the provincial bailout came early in the process instead of late.
Some councillors say the budget is a reflection of just how expensive it is becoming to live in Toronto with increased property taxes, land transfer fees, vehicle taxes and a new garbage fee.
The budget will go to a final vote at Toronto council at the end of March.
January 31, 2008 in Toronto Real Estate Taxes | Permalink
TrackBack
TrackBack URL for this entry:
https://www.typepad.com/services/trackback/6a00d8341c51e453ef00e55018f27e8834
Listed below are links to weblogs that reference Toronto's "tremendous achievement":
Comments
Toronto's Achievement are really good.
Posted by: Alexander | Dec 21, 2010 8:26:56 AM
It's true that everything is getting more expensive however the solution isn't to leave but to ask the real question of where do our tax dollars go. We shouldn't get distracted from the real issues - like why do I have to work until june before I can put bread on the table and build equity. I beleive in the tax system but I also beleive that it's big and heavy and needs to become more efficient in the way it converts our taxes to benefits for torontonians. Thanks for blogging about interesting issues that affect real people.
Rodney Litigio
toronto - Parkdale
Posted by: Rodney Litigio | Jan 31, 2008 6:16:35 PM
It sure is getting more and more expensive to live in Toronto, there will always be people who prefer Toronto living, but incresingly some folk will see the benefits of places like Oakville, Burlington, which offer so much for lifestyle and raising a family while having many of the amenities that city folk enjoy. You have a great blog, a high standard to imitate! Hilary Shantz
www.theoakvillebuzz.co
Posted by: Hilary Shantz | Jan 31, 2008 9:43:07 AM
The comments to this entry are closed.
