As Deputy Mayor and Toronto Councillor, I am
often asked for information on taxes and the City of Toronto. I thought that
you might find the information below of interest.
1. How much of the total taxes that
Torontonians pay stay in Toronto?
2. What percentage of the City’s annual
budget goes towards interest payments, compared to the Canadian and Ontario
governments?
3. Does the
City of Toronto collect more taxes as property assessments increase?
Answer: Ontario Government Regulation 121/07
requires Toronto to reduce the municipal tax rate so that no more municipal
taxes are raised than the amount of the pervious year. In other words,
except for new buildings, the total taxes collected by the City of
Toronto does not go up when assessments increase.
4. Is it true that non-residential properties
are taxed at a higher percentage of their assessment than residential
properties?
Answer: Yes. This has led to companies relocating
outside of Toronto; something that hurts the City’s economy. However, as a
result of recent Council’s decisions, this situation is changing for the
better.
I hope that you find these facts useful as we
try to understand why as Torontonians we have a problem in getting the funds
needed to properly support the programs that make Toronto a great place to
live, work and play!
