Public meetings, which start today, are an opportunity for Toronto residents and businesses to tell the City what they think of various new taxes that are being considered. These proposals were only announced less than two months ago, and the City’s Executive Committee could make decisions on them next month.
Possibly the biggest tax that could be levied by the City would be a second land transfer tax, paid by homebuyers on top of the existing provincial land transfer tax. A second land transfer tax of as little as 0.5 per cent would mean that average Toronto homebuyers would have to come up with close to $2,000 extra when buying a home, a 45 per cent increase in the land transfer taxes that they already pay.
The unfortunate thing is that, at the end of the day, a Toronto home-buying tax could mean less, not more, revenue for the City because less demand for Toronto housing will mean less property assessment growth, which would mean less property tax revenue for the City.
So get in touch with City Hall and direct your complaints to Mayor David Miller.