City Property Tax Rate Could Soar 34%

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The Toronto Taxpayers Coalition has issued a warning that property taxes could increase up to 34% if city council is unable to find spending cuts. Coalition president Matthew McGuire said, “It’s a ticking tax time-bomb. If spending is not curbed, homeowners face a potential tax increase of more than a third, and tenants will be hit with a nearly 10% rent increase.” The coalition was accused of fear-mongering, but McGuire pointed out the calculation was made using city numbers. He pointed out that a 1% property tax increase would raise $22.6 million in revenue, and noted the $774 million budget shortfall could be made up with a 34% property tax increase.

http://company.cnstock.com/estate/lskp/201108/1486321.htm

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