The Toronto Taxpayers Coalition says a 34% property tax hike is coming unless City Hall can find a way to cut its costs.
“It’s a ticking tax time bomb,” Coalition president Matthew McGuire said on Sunday. “Homeowners will see their tax bill go up by more than one-third, and renters would get monster-size rent increases close to 10 per cent.”
The Coalition is speaking out after a 22-hour executive committee meeting that saw dozens of concerned residents arguing against proposed cuts.
McGuire ignored charges of fear-mongering and the suggestion the city would likely run a deficit before hiking taxes by such a large amount.
He says he extrapolated from the city’s numbers that estimate a one per cent tax increase provides $22.6 million in revenue. According to his math, a $774-million budget shortfall should result in a 34 per cent tax increase.
“Thirty-four per cent would never happen, but (the deficit) is still too high and we do have things to do,” Coun. Shelley Carroll told CityNews.
“But I don’t see why saying 34 per cent is constructive. It just creates more of this polarization. It doesn’t get us down to ‘What then are we going to do?’”
The Coalition has suggested the city contract out services, lay off staff and scrap the Fair Wage Policy.