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Toronto tax-payers live on easy street

Toronto homeowners just may be the most pampered, tax-sheltered, spoiled-rotten ratepayers in the GTA. The residential property tax hike to be approved at Toronto City Hall today or tomorrow is expected to be 3.75 per cent – among the GTA's lowest. Oshawa, in assessment-poor Durham Region, will hike taxes 4.61 per cent, and neighbouring Whitby, 5.67 per cent.

Little wonder residents outside the downtown core frequently write letters to the editor exasperated at Toronto's call for provincial funding of services. They look at a $380,000 house in Toronto and see a tax bill of $2,322, while a similarly priced home in Oshawa pays taxes of $5,745.

The owner of a $380,000 home in Pickering pays $4,270, while the Bramptonian pays $3,729 and residents of Markham, Mississauga or Vaughan pay more than $2,922. Toronto's neighbours wonder how Mayor David Miller can cry poor but refuse to tax Toronto homeowners at rates comparable to their municipal cousins.

Why is it that, hypothetically, a senior in Pickering can afford a 5 per cent tax hike, but Toronto politicians argue that a similar hike on a Toronto senior will push her out of her home?

See article in the Toronto Star »

March 31, 2008 in Toronto Real Estate Taxes | Permalink

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Comments

Hello there, This is why I love Toronto - It is well managed (in most parts :) ) The website had all the information I needed about some waste related questions I had. Information is well organized, clear, accessible, the interface is clean. Keep up the good work.
Real Estate Website
williamsjohn333

Posted by: Real Estate Website | Jun 30, 2010 4:48:04 PM

Good Morning!
My beef today is about mortgage brokers who offer 'teaser' rates on various mortgage products.
These rates are inherently deceptive because they lead the client on to believe that they are likely to continue over time..... a false and dangerous assumption. They also tend to seduce the buyer by appearing low, when the buyer is excited by hearing low numbers but fails to read the small print and find out that he/she is in fact likely locked in for a long term (like 5 years)and is therefore left exposed to the vicissitudes of the mortgage market place (as prime goes up or down, when the teaser term expires (3-12months), etc. etc.
This practice is predatory, and fraught with problems, especially if unethical mortgage brokers are involved. Caveat Emptor !
Read the small print, calculate the numbers, and study the different discount options offered to you decide on the best option......more later on the benefits of prime minus 1% discounted 5year closed variable rate mortgages ..
For more info:
www.hotpropertybuy.com
www.mississaugahotpropertybuy.com

Posted by: Oliver Teekah | Apr 9, 2008 6:29:42 PM

I've read that condo owners are at a disadvantage here - the tax is usually based on current market value, whereas houses are out of date. I believe it. I bought my downtown condo two years ago for $200k, and pay around $2k yearly for property taxes, not much less than what the $380k house owner pays, yet my condo is presumably more efficiently using services. What's going on here?

Posted by: davidm | Apr 1, 2008 7:54:40 PM

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