rbt
Senior Member
Why do we need new taxes to "identify an actual rise in value"? Won't current tax system do that? The value of their properties increase, they pay more on the increased assessment base. The City gets more tax dollars.
This does not happen. If real-estate values across the city go up 10% it contributes 0% to Toronto's revenue.
The only time Toronto gets additional tax revenue is if it a) raises the tax rate, which we do annually at roughly the inflation rate; or b) a new development is built and registered.
Property value changes impact the percentage of the total you pay versus your neighbour, but the process is revenue neutral from the perspective of the city (you pay $50 more for your house price increase and the guy on the other end of town pays $50 less because his stayed the same or decreased in value).