Toronto city council voted to bring in a new surtax on high-value home sales while asking the provincial government for sales tax revenue to help tackle a looming budget crunch. Mayor Olivia Chow says...
But the value of homes is inflated in Toronto. And the density of homes is greater. So it’s kind of an apples and oranges comparison. The idea is to raise taxes on those who have the means to afford it.
Which is fine if the city is bringing in enough money. But this says it is not. The tax rate is simply not high enough.
It doesn’t really matter how much the homes are worth. That is only used to define the proportional share each owner must pay. It does not define the grand total.
Property tax rates are strangely low in Toronto; about half of what most of the rest of the province pays.
That’s all well and good if you’re flush with cash, but given that Toronto is not… Why are we avoiding the low hanging fruit here?
But the value of homes is inflated in Toronto. And the density of homes is greater. So it’s kind of an apples and oranges comparison. The idea is to raise taxes on those who have the means to afford it.
Which is fine if the city is bringing in enough money. But this says it is not. The tax rate is simply not high enough.
It doesn’t really matter how much the homes are worth. That is only used to define the proportional share each owner must pay. It does not define the grand total.