09-21-2015, 05:57 PM
(09-21-2015, 02:14 PM)nms Wrote: And even though politicians may want taxes to go down and may even shift the tax rate downward, if all the increased development puts pressure on land prices to go up, then the dollar value of your property taxes will go up anyway.
That's not how I understand Ontario municipal taxes work.
What happens is that first the city and region decide that they need $100M in taxes for 2015 and property values are $10B. Then the tax rate gets set to 1%.
OK, now let's say it's 2016. The city and region now need $110M. But the values go to $15B. The tax rate would then go to 0.73%.
(http://www.theglobeandmail.com/life/home...e14831630/)