What does the Toronto City Council Approved 3.29% Property Tax Increase Mean For You?
The new 2017 Toronto Property Tax is an increase of 2% but once all the levies are added, the increase will be 3.29%. Toronto Mayor, John Tory describes the 2017-2026 tax supported capital budget and plan as “…a balanced, responsible budget that invests in the needs of the people who live and work in Toronto.”
The truth is, for the cost of an extra $90 for the average homeowner (property assessed at $587,471) for a total of $2,835 in 2017, and extra payments for every year up to 2026, the city will spend on:
- Transit & Transportation: $20 Billion
- Federal Public Transit Infrastructure Funding Projects: $709 Million
- F.G. Gardiner Expressway Rehabilitation: $863 Million Debt
- Smart Track: $3.8 Billion
- Flood Protection for the Portlands: $1.2 Billion
- Reducing the State-of-Good-Repair Backlog at Toronto Public Library: $21 Million
So whether your councillor supported this budget or not, the path is now set to make major improvements to the city of Toronto; maybe not as many changes as some councillors may have wanted, but some changes are better than no changes. But again, these changes are being made on the backs of Toronto homeowners who already pay double the land transfer tax than any other Ontario resident. Where will the municipal government draw the line? That question still looms, and we may not like the answer.
For now the line is an additional 3.29% on all Toronto Homeowners, 1% increase for Commercial Properties, and 0.67% for industrial properties.
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