The Toronto-wide property tax hike that Mayor John Tory first suggested earlier this month looks like it's actually going to move forward.
The mayor's executive committee has just unanimously greenlighted the proposal, which would see property taxes rise a cumulative 10.5 per cent over six years. The money will go toward the City Building Fund, a levy implemented three years ago to help support new transit and housing initiatives across Toronto.
— Jennifer Pagliaro (@jpags) December 11, 2019
Tory says the hike, which would start with a one per cent increase in 2020 and 2021 (in addition to the 0.5 per cent per year that the levy already mandated), would provide $6.6 billion to such projects.
The original plan for the levy was to increase property taxes a cumulative 2.5 per cent over five years. So, both the timeline for the fund and its amount will now potentially be expanded.
In a letter to his committee, Tory cites the tens of billions of dollars needed to maintain and upgrade Toronto's transit system over the next 15 years, as well as to provide more affordable housing for residents over the next decade.
Tory has written this letter to members of his executive committee regarding the City Building Fund, stressing that it’s become “clear” the city needs to “invest in our future.” The city can’t wait for potential road tolls or extra gas tax funding denied by the province, he adds. pic.twitter.com/6Qqdq0mIiM
— Lauren Pelley (@LaurenPelley) December 11, 2019
Response has been divisive and the issue has definitely gotten residents talking, especially since it's the first time Tory has suggested such a drastic measure in his tenure as mayor.
City Council will have the final say on the matter on December 17, when it will meet and officially approve or deny the new property tax rate.
by Becky Robertson via blogTO
No comments:
Post a Comment