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PROPOSED T.O. BUDGET CALLS FOR PROPERTY TAX HIKE

PROPOSED T.O. BUDGET CALLS FOR PROPERTY TAX HIKE featured image

The city’s proposed operating and capital budgets for 2017 have been presented to Toronto’s budget committee.

(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.

The post PROPOSED T.O. BUDGET CALLS FOR PROPERTY TAX HIKE appeared first on Zoomer Radio AM740.

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