Ryerson University’s Centre for Urban Research & Land Development has released a report analyzing property tax rates in Toronto. The report argues that because Toronto has some of the lowest property tax rates in the GTA, when expressed both as a percentage of the value of the home and as a percentage of annual household income, lawmakers have breathing room to increase the rates to fund expansive infrastructure projects.
In 2016, the average Torontonian paid $4,027 in property taxes, sitting $457 below Newmarket, the GTA median. Toronto Mayor John Tory has consistently stated that he will hold property taxes to the rate of inflation. Several other politicians and advocacy groups argue that along with funds must be found for not just for new infrastructure spending, but also the huge repair backlog that is growing, and many services are suffering.
The report was drafted by Senior Research Fellow Frank Clayton, a real estate economist who has served as the Executive Vice President of Altus Group and as an Economic advisor to BILD. Click here to read the report in full.
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