“Between annual property taxes and the MLTT, City Hall has a huge impact on the cost of home ownership. With that said, the proposed budget demonstrates Mayor Tory’s determined leadership by ensuring equity for taxpayers, specifically through bold, yet fair, property tax increases,” said Mark McLean, TREB President.
A proposed new administration charge will send the wrong message, the board says, and has called for the tax to be scrapped altogether. However in respect to the city’s Mayor it is suggesting that the relief measures be adjusted to take into consideration the sharp rise in home values.
“Like everyone, realtors want to see City costs on homeowners minimized. We believe this budget does that with a fair proposed inflationary property tax increase. Realtors also understand the benefits of City building, and believe that revenue, for this, should be collected in the fairest possible way. Property taxes are much fairer than the MLTT” said McLean.
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The Toronto Real Estate Board is to present its views on property and land taxes to the City’s Budget Committee Tuesday. The board will be reiterating its long-held view that the Municipal Land Transfer Tax targets a select few homeowners and that property tax is a fairer method.