Real Estate

Toronto increasing property taxes

  • Last Updated:
  • Dec 19th, 2019 8:11 am
[OP]
Sr. Member
Jun 28, 2018
848 posts
587 upvotes
Toronto

Toronto increasing property taxes

https://www.cbc.ca/amp/1.5399645



I guess the federal climate change rebate will help........ Right?

Incremental hurt coming down the line.
The change will see property taxes rise by one per cent in 2020 and 2021, and an additional 1.5 per cent annually until 2025.

That means an average homeowner can expect to pay $43 more per year next year.




The city is also expected to hike the rates for water and garbage removal.
The Distracted Investor

Dividends through quality companies 😃 Though I usually lose money with trades :facepalm:
21 replies
Deal Addict
Jan 17, 2006
2138 posts
2231 upvotes
Toronto
$43 more per year next year
Thats gonna hurt )
Deal Addict
Mar 3, 2018
1832 posts
1829 upvotes
GTA
ilim wrote: Thats gonna hurt )
This increase is just for the building fund. This is a new tax levy that will be added to the operating budget tax increase. So we are looking at total increase around 3% or $130. Seems Toronto increases are going to be well above inflation for quite a few years going forward. And Tory doing what politicians do broke his election promise of no tax increases above inflation.
Deal Addict
Jan 13, 2014
1665 posts
593 upvotes
Calgary
lol. Calgary is looking at a tax hike of 7.51%.
Deal Guru
Feb 29, 2008
13829 posts
10050 upvotes
I don’t mind paying more taxes but I just know the money will be wasted and likely used. What’s the rent control limit again? 1.8%. What a giant fail. Everything else going up higher than 1.8%
Deal Addict
Jan 9, 2010
2026 posts
1414 upvotes
More of Tory's rhetoric and Torontonians just gobble it up. He's even applauded for his "courage" of putting this through. Smiling Face With Open Mouth And Smiling Eyes

Little to none of the media outlets actually report that this is not a new levy but is rather an increase of an existing levy that was originally meant to go towards transit expansion but has been put towards his pet projects instead. Tory's such a joke and a disaster.
Deal Addict
User avatar
Dec 13, 2016
3692 posts
3189 upvotes
hierophant wrote: Wow a whooping $43/year! Torontoians realize they have one of the lowest property taxes in the province, right? https://www.zoocasa.com/blog/ontario-pr ... ates-2019/

And way to make it about climate change even though it's support transportation infrastructure that is in dire need :rolleyes:
I don't care about property tax increase.

I care when a Nazi government (I know... an exaggeration) controls how much money should people be making while they have carte blanche ripping off its citizens.
Deal Fanatic
Jul 3, 2011
5768 posts
2933 upvotes
Thornhill
A little slight of hand by Mayor Tory so that the not discerning Torontonians won't notice.

Property taxes were increased in 2019 also, at an average of $70+ per property. The differences between that announcement and this one is, that announcement was made in January of 2019 and, MPAC's assessed values were based on January 2016's values so they were already baked in.

This announcement which technically adds $43 per year comes in December also of 2019 making it 2 such announcements in one year rather than in January 2020 which is the next MPAC valuation date. That's key because assessed values will now be based off of January 2020's values.

Although MPAC's assessments are derived differently, the impact on homeowners is significantly more - as in many hundreds more on average than than the 2020, $43 compounded on top of the $70 in 2019. An estimate of what to expect can be made by looking at TREB's Toronto average house prices at each MPAC assessment interval.

In 2012 when assessed values at January 2012 was used, TREB's average was $499,045.
In 2016 when assessed values at January 2016 were used, TREB's average was $636,728 - if MPAC's assessed values followed suit it means annual assessed valued increased by about 27%
Since we only have as far as TREB's November stats to go by - $910,419, if MPAC follows suit, property taxes beginning next fall will be based on values that on average is $68k or 36% higher than 2019 or from about $3,914 to $4335 more or less.

That's significant.
Jr. Member
Aug 5, 2018
137 posts
152 upvotes
JayLove06 wrote: I don’t mind paying more taxes but I just know the money will be wasted and likely used. What’s the rent control limit again? 1.8%. What a giant fail. Everything else going up higher than 1.8%
$43 annual increase relative to the annual GTA rent is tenths of a percent.
Deal Guru
Feb 29, 2008
13829 posts
10050 upvotes
Staffah wrote: $43 annual increase relative to the annual GTA rent is tenths of a percent.
It all adds up.
Deal Addict
Jan 12, 2017
1289 posts
633 upvotes
Wow, these guys at Zoocasa really don't get how to put a meaningful analysis together.... only if property values were uniform across the province. And written by the the Managing Editor? Keep leading the blind!
hierophant wrote: Wow a whooping $43/year! Torontoians realize they have one of the lowest property taxes in the province, right? https://www.zoocasa.com/blog/ontario-pr ... ates-2019/

And way to make it about climate change even though it's support transportation infrastructure that is in dire need :rolleyes:
Deal Addict
Feb 4, 2010
4141 posts
2922 upvotes
Chickennbeans wrote: Wow, these guys at Zoocasa really don't get how to put a meaningful analysis together.... only if property values were uniform across the province. And written by the the Managing Editor? Keep leading the blind!
And we should believe your opinion on this because....? It was legit enough for Global News to use them as a source: https://globalnews.ca/news/5707127/prop ... s-ontario/ , Toronto Star https://www.thestar.com/news/gta/2019/0 ... -says.html and plento f other sites. I know it was in line with what I pay.

What do you have to offer if their analysis is no good? Do you have something better to share (beside criticizing that is)?
Sr. Member
Nov 10, 2017
762 posts
527 upvotes
looking forward to the announcement of the waterfront Queens Quay East LRT.
Deal Addict
Jan 12, 2017
1289 posts
633 upvotes
They conclude with the ranking chart - so.. everyone should buy in Toronto, since the taxes are the lowest and absolutely no one should buy in Windsor.

If you really wanted to look at where it was best to 'pay the least property taxes', this analysis is nothing more than doing a google search for what the tax rates are in each jurisdiction - no analysis at all.

If you want an idea of what the problem is, the articles themselves offer some basic common sense, but then ignore it like it's insignificant in the ranking list that their readers will zoom in on. Like I said, they're just leading the blind on.
hierophant wrote: And we should believe your opinion on this because....? It was legit enough for Global News to use them as a source: https://globalnews.ca/news/5707127/prop ... s-ontario/ , Toronto Star https://www.thestar.com/news/gta/2019/0 ... -says.html and plento f other sites. I know it was in line with what I pay.

What do you have to offer if their analysis is no good? Do you have something better to share (beside criticizing that is)?
Deal Addict
Feb 4, 2010
4141 posts
2922 upvotes
Chickennbeans wrote: They conclude with the ranking chart - so.. everyone should buy in Toronto, since the taxes are the lowest and absolutely no one should buy in Windsor.

If you really wanted to look at where it was best to 'pay the least property taxes', this analysis is nothing more than doing a google search for what the tax rates are in each jurisdiction - no analysis at all.

If you want an idea of what the problem is, the articles themselves offer some basic common sense, but then ignore it like it's insignificant in the ranking list that their readers will zoom in on. Like I said, they're just leading the blind on.
OK so let me see if I got this straight - you've decided on your own to change the intention of their report to make it into an "analysis" that is to be used by potential buyers for making a decision to buy a home, rather than taking the list for what it is - a list of average property tax by city within and then are criticize, is that correct? If yes, then I can safely ignore your comments. From my understanding all they have done and are claiming to do is compile a list of property taxes for cities in Ontario - I simply referred to it to support my initial comment. Why are you making this complicated than it needs to be?
Deal Addict
Jan 12, 2017
1289 posts
633 upvotes
Did you read your own link? Title - "Who pays the highest property taxes in Ontario?"
hierophant wrote: OK so let me see if I got this straight - you've decided on your own to change the intention of their report to make it into an "analysis" that is to be used by potential buyers for making a decision to buy a home, rather than taking the list for what it is - a list of average property tax by city within and then are criticize, is that correct? If yes, then I can safely ignore your comments. From my understanding all they have done and are claiming to do is compile a list of property taxes for cities in Ontario - I simply referred to it to support my initial comment. Why are you making this complicated than it needs to be?
Deal Addict
Dec 20, 2018
4649 posts
3726 upvotes
johnnychi wrote: https://www.cbc.ca/amp/1.5399645



I guess the federal climate change rebate will help........ Right?

Incremental hurt coming down the line.
It's to pay for Transit and other infrastructure

The fed climate tax rebate has nothing to do with this. It's to return money from fed carbon tax imposed because Ontario cancelled cap and trade

And 1.5% annual is not even inflation
Deal Addict
Mar 3, 2018
1832 posts
1829 upvotes
GTA
StatsGuy wrote: And 1.5% annual is not even inflation
That is just the additional building levy tax increase that has tripled. Only forms part of the total tax increase expected to be close to 3% in Toronto this year. Above inflation. Relative to other cities it may seem low but Toronto also has a garbage tax and double land transfer tax other cities don’t have.

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