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3% Tax Hike? Right.

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The news that Toronto’s property taxes are apparently “only” going up 3% this year is misleading because that’s the across the board rate. It doesn’t take into account many people will see significantly higher increases because they happen to live in hot neighbourhoods where housing prices are rocketing. Since taxes are based on the property assessment system, you get penalized for being forward thinking and moving into a neighbourhood before it becomes trendy. The city’s response is “well, at least your property value is going up” but that’s little consolation when your property tax bill climbs 20%.

This entry was posted on March 10, 2006 at 6:52 am and is filed under Taxes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “3% Tax Hike? Right.”

  1. Alex von Tiesenhausen Says:
    May 7, 2007 at 6:58 pm | Reply

    In many neighborhoods property taxes have tripled since the mid nineties. Since this time the total inflation has been under 30%. Effectively the city has seen a significant increase in revenue and now they are nearly bankrupt and grasping for new tax opportunities. In the business world this level of incompetence would lead to either bankruptcy or significant layoffs, changes in leadership, and massive spending cuts. We Torontonians vote for those who tell us what we like to hear – when they provide no results, we vote them in again.

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