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!
