PROPOSED T.O. BUDGET CALLS FOR PROPERTY TAX HIKE

Dec 06, 2016

By Bob Komsic

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The city’s proposed operating and capital budgets for 2017 have been presented to Toronto’s budget committee.
t-o-city-hall
(Dreamstime / Toronto Star)
They include a 2% property tax hike, that would mean an extra $69-a- year for the average residential property assessed at $587,471.
There’s also 91-million dollar shortfall.
Staff feels that could be made up by harmonizing the Municipal Land Transfer Tax with its provincial equivalent, implementing a hotel tax and cancelling the rebate on vacant property in the city.
The proposed budgets also call for the reduction of over 400 full-time jobs.
They will first be debated by the budget and executive committees before being finalized and approved by city council in mid-February.
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