The Toronto City Council voted to approve a 9.5% residential property tax hike, the largest of its kind in more than 25 years.
According to a CBC report, the vote during a special budget meeting on Wednesday was based on the rate proposed by Mayor Olivia Chow. The increase is split between an 8% property tax increase and a 1.5% city building fund levy increase for residential properties.
“Eighty cents extra a day, folks can afford it,” said Chow in a press conference. “Those that cannot will have a tax cancellation and tax deferral program to assist them.”
The mayor added that at least half of residents who are tenants will not face a rent increase because of the city’s budget, which includes an operating budget of $17.1 billion and a 2024-2033 capital budget and plan of $49.8 billion.
“It’s also historic in a way,” she added. “We are finally having Toronto back on track, even though we inherited a huge $1.8-billion financial mess.”
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This is a fantastic way to decimate the Toronto housing market. Just ask anyone in LA who woks the luxury market after they enacted the mansion tax.
Politicians will only state that they expect to lose X amount of people net. While that is true, in California and New York have learned it is the top % who represent Billions in tax revenue and those who leave take their companies with them.
Spend, spend, spend. Absurd!!