Property investors balk at call for tax increase

Property investors in Toronto may just have fallen out with that august organization – the BoT now calling on City Hall to raise this year's property taxes a half a point above the proposed 2.5 per cent increase.

While Mayor Rob Ford vowed Thursday to hold any increases to that figure, the 167-year-old institution focused on promoting commerce has formally asked him to consider raising property taxes by 3 per cent instead. The Board also wants to see the TTC fare hike bumped up by another 5 cents, and not just the 10 cents introduced Jan. 1.

The assessment, part of a 2012 budget submission, argues that those modest increases would allow the city to bring in an addition $26 million-plus.

They would also better position it to meet the mayor’s 10 per cent spending cut for fiscal 2012.

Several real estate investors were among the first to lambaste the very suggestion of further growing city coffers through a steeper increase in property taxes.

Community groups have also suggested it would amount to an unfair burden for elderly homeowners already struggling to cover their tax bills. It's a concern even many of council’s fiscal conservatives voiced Thursday.

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