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Property taxes

New BIA event hosted by Ryerson City building for Nov 13

164cd56f-ba54-405a-abc5-c980a9cb2217.png
Tuesday, November 13
Please Attend
​

Beer and Taxes, a match made in heaven
The Ryerson City Building Institute is pleased to partner with TABIA and the Toronto Regional Board of Trade to present BEER AND TAXES, a special reception at Urbanspace Gallery on November 13.

Drop in anytime between 6 PM and 8 PM to see TAXED OUT, our ongoing exhibition about the threat of current commercial tax policy to small business and culture, enjoy complimentary local craft beer with members of TRBOT and TABIA, and talk taxes.

Date: Tuesday, November 13
Time: 6 PM to 8 PM
Brief remarks at 7 PMby Lionel Miskin (Vice President, TABIA) and Brian Kelcey (VP, Public Affairs, Toronto Region Board of Trade)
Location: Urbanspace Gallery, main floor, 401 Richmond (near Queen and Spadina)
Cost: Free! Open bar with complimentary drink tickets

Please note this event is by invitation only. Invitees may RSVP for up to two guests.

Questions? Emailcitybuilding@ryerson.ca.

RSVP
 
AlbertC said:
Toronto would need 47% property tax increase to maintain services if $1.5B budget gap isn’t filled: mayor

May 22, 2020

globalnews.ca

Toronto would need 47% property tax increase to maintain services if $1.5B budget gap isn’t filled: mayor | Globalnews.ca

Among the potential cuts Mayor John Tory said that might be needed if there isn't funding provincial and federal government is $575 million to the TTC budget.
globalnews.ca globalnews.ca
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At this juncture.............I will say the following:

IF you raised the SFH rate by 47% in Toronto, our property tax rate would go from 0.615% to 0.904% which would put us only slightly above the GTA median. (2019 rates)

For contrast, Bramption is over 1.0; most of Durham is over 1.1, Oshawa 1.4. (2018 rates)

That's not to say I would suggest a 47% hike in one go.

But neither do I find the idea particularly bad.

I would, in fact, have argued for 40% (above inflation) over 5 years (8% a year); to bring us directly in line with the GTA median.
 
Northern Light said:
At this juncture.............I will say the following:

IF you raised the SFH rate by 47% in Toronto, our property tax rate would go from 0.615% to 0.904% which would put us only slightly above the GTA median. (2019 rates)

For contrast, Bramption is over 1.0; most of Durham is over 1.1, Oshawa 1.4. (2018 rates)

That's not to say I would suggest a 47% hike in one go.

But neither do I find the idea particularly bad.

I would, in fact, have argued for 40% (above inflation) over 5 years (8% a year); to bring us directly in line with the GTA median.
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While I agree that Toronto property taxes are lower than they should be and would personally be 'happy' to pay more, I think that you cannot ignore the political cost of a HUGE increase (phased-in or not). You would undoubtedly have many people who would be happy to have no increase (or even a decrease) and would not care if libraries, shelters, child care and old age homes all closed and (other peoples') roads were left left unpaved! These people would doubtless find a new 'champion' in one of the suburban councillors like Holyday or Minan-Wong.
 
DSC said:
While I agree that Toronto property taxes are lower than they should be and would personally be 'happy' to pay more, I think that you cannot ignore the political cost of a HUGE increase (phased-in or not). You would undoubtedly have many people who would be happy to have no increase (or even a decrease) and would not care if libraries, shelters, child care and old age homes all closed and (other peoples') roads were left left unpaved! These people would doubtless find a new 'champion' in one of the suburban councillors like Holyday or Minan-Wong.
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Sure, though its worth saying, that bastion of lefties that make up the Calgary electorate......have a Council that approved a 7.5% property tax hike this year.

Vancouver was 7%

Meanwhile, closer to home, Mississauga which already has a higher SFH tax rate than Toronto, is approved another above inflation tax hike this year (3.2% if memory serves); while having recently added a 'stormwater tax'.

So far as I can discern there haven't been mass revolts (though there has been some grumbling in Vancouver).

Toronto also doubled the cost of your water bill over the last decade, steadily increasing the rate by 9% per year.

So I'm not sure that a meaningful increase isn't feasible politically.

That number might not be 40% over 4 years, it might be 30% over 5.

But there's certainly some room.

Though the City would have to show improved service in exchange for the dollars.

**

None of the above obviates the need for the feds/province to bail out Toronto from its Covid-related costs.

But going forward, I think better services in the City will largely come from more locally raised dollars.

Capital improvements are a different matter.
 
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Northern Light said:
That's not to say I would suggest a 47% hike in one go.
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By current provincial law Toronto must balance the 2020 operating budget. It would need to be in all in a single hike implemented before the final 2020 tax bill goes out at the end of June.

There are plenty of options available that Ford could give to Toronto, but as it stands Toronto doesn't have much choice.
 
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I would just like to point out that I can imagine what my next rent increase might look like if taxes were hiked by 47% in one go and I'd rather not.

So, can we impose road tolls yet or is the province still going to be a dick?, for example.
 
2020 final property tax bill received today. No surprises, just a steady increase that is relatively consistent with previous years. The total year over year change for me is about a $67 difference.
 
AlbertC said:
2020 final property tax bill received today. No surprises, just a steady increase that is relatively consistent with previous years. The total year over year change for me is about a $67 difference.
Click to expand...

Mine decreased by $32. Kinda exciting but I know the next round of assessments will rapidly correct that. The 2019 value (from 2016 assessment) is about 40% lower than actual recent sales in my building for my unit type.
 
I found my property tax bill from 1998, six payments of $450 ($2,700 annually). Per the BoC, that's $4,047 in 2020 dollars. My actual taxes are over $6,000 a year, or almost 50% higher than they were in 1998 after adjusted for inflation. I'm never selling the house, so its value has no relevance to me, but my use of city services does, and I use very little.
 
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