Affordable Cost of Living

Eliminate Property Taxes

Let's get rid of property taxes and replace them with a mix of increased income and sales taxes which would be more progressive, fairer and less divisive.

 

Currently the main source of municipal revenue is property taxes. This presents a lot of problems, both for the city and it's residents. First of all, property taxes hit seniors hardest! Just because you own a valuable piece of property does not mean you are well off. Many seniors in Toronto are struggling to keep up with their property taxes because the homes they purchased 40+ years ago are now multi-million dollar homes. While we tell seniors that the best place to grow old is at home, we are simultaneously making it to expensive to keep up with property taxes, living on a fixed income.

 

Secondly, unlike sales, income and corporate taxes, municipal governments must vote each year on whether to raise property taxes (even though this usually just keeps pace with inflation). This causes a reoccurring battle year after year between progressives and conservative which doesn't need to happen. It also makes it hard for municipal governments to plan expensive infrastructure into the future because of the unknown rate of property tax increases.

 

While this issue would require a conversation with municipal governments, it would ultimately be under the jurisdiction of the province.

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Idea No. 105