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Got my mpac property taxt assessment in the mail... It is $200K higher than the last one!

alexd

alexd

Administrator
Staff member
Holy housing bubble. And just at the very moment the politicians at City Hall are talking about the need for new 'revenue tools' (TAXES).

While the political tools say a higher property assessment doesn't necessarily mean higher property taxes... who are they kidding? I am just wondering what this will translate into as a property tax increase...
 
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I

I_bRAD

TRIBE Member
If I could sell for my assessed value I'd be more than happy to pay taxes on it (gripes with local government aside). Too bad it's at least 10, more like 20 over.
 
acheron

acheron

TRIBE Member
ours went up by $300k. pretty much all of the houses on our street did. our taxes will go up by about 2k by 2020.
 
L

Liability

TRIBE Member
You also have to understand that a property assessment increase does not correlate to a proportionate increase in taxes or even a tax increase at all. It is a much more complicated equation. There are many sites you can google that will explain (I think the Torontoist had an article a while back) but at a high level:

Taxes are levied from the city based on budgeted revenue. Property assessment value dictates the percentage of the expected revenue that you are expected to contribute to. Therefore, depending on how your value raises inline with the rest of the city will dictate the increase (or potential decrease) in your actual property taxes.

For example: Your property value assessment could increase by %200 but assuming every other house in Toronto did as well, and the city budget remained constant, your tax bill would actually not increase.
 
acheron

acheron

TRIBE Member
I tend to think that the city's managers are looking at this dramatic increase in property valuation and thinking about ways to convince council to increase the mill rate so we can get things like transit projects and TCHC repairs going. So we will see budget increases - maybe not as dramatic as the MPAC valuations' upswing but the city WILL take advantage of this, no question.
 
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praktik

praktik

TRIBE Member
But we're pretty much a in a taxation pickle after three decades of neoliberal mantra downloaded onto provinces and municipalities.

In the No Tax Before Death environment isn't property tax the only way for Toronto to really raise revenues?

I guess we got that gas tax revenue recently but that's the only new revenue I can think of for cities that wasn't property tax based in recent decades.

Anyway if we allowed ourselves more revenue tools the city wouldn't be forced to use the only lever they got.
 
ndrwrld

ndrwrld

TRIBE Member
we bought in hamilton for just below 200 grand 7 years ago, well before prices skyrocketed here. We'll be well over 400 grand by the end of the year with the renos we've done. We may sell in a couple more years and run up north.
 
KickIT

KickIT

TRIBE Member
Toronto has the lowest property tax rate by far in the GTA, so I'm not surprised they are going to hike rates to match rising property values. What I do have issue with is raising both the property tax AND keeping the municipal land transfer tax. IMO, they should only be allowed to use 1 of these tools not both.
 
L

Liability

TRIBE Member
KickIT said:
Toronto has the lowest property tax rate by far in the GTA, so I'm not surprised they are going to hike rates to match rising property values. What I do have issue with is raising both the property tax AND keeping the municipal land transfer tax. IMO, they should only be allowed to use 1 of these tools not both.
Click to expand...
Comment on the double taxation issue aside, I am in the unpopular boat of believing that tax revenue and rates should definitely be raised. This of course bears the stipulation that the money is actually invested in something useful and not squandered.

The arguments about fixed income are valid but for anyone else who has accepted such a tight budget they can't afford any raise in property taxes has no sympathy from me. I own in Toronto and live in a more modest place than I could probably afford.
 
praktik

praktik

TRIBE Member
It just depends on what we want right. If we want shitty transit and closed pools and the sale of public resources to private hands we dont have to raise taxes at all.

Enjoy those commutes!
 
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Bernnie Federko

Bernnie Federko

TRIBE Member
Fuck the GTA commuters coming to the 416. Fuck the urban planners who let developers build up the density without tying in money for mass transit, and basic infrastructure. Fuck everyone who loves to live in their suburban ghetto fabulous cribs with their modern roads and plumbing, then come on down and use the local crumbling infrastructure without adequately compensating the municipality for it. Fuck the government for fucking up the growth of the city and golden horseshoe.

Bernnie Federko for Supreme Ruler!


/angry man shaking fist at cloud
 
alexd

alexd

Administrator
Staff member
Bernnie Federko said:
Fuck the GTA commuters coming to the 416. Fuck the urban planners who let developers build up the density without tying in money for mass transit, and basic infrastructure. Fuck everyone who loves to live in their suburban ghetto fabulous cribs with their modern roads and plumbing, then come on down and use the local crumbling infrastructure without adequately compensating the municipality for it. Fuck the government for fucking up the growth of the city and golden horseshoe.

Bernnie Federko for Supreme Ruler!


/angry man shaking fist at cloud
Click to expand...

Shaking fist at cloud feels good, doesn't it? :)
 
alexd

alexd

Administrator
Staff member
You just know the politicians and their political cronies at City Hall are licking their lips at the thought of tapping into all that money for studies, consulting fees, etc. Even the spillage will be in the tens of millions for stupid shit like studies to decide whether or not to have an expo, or to decide the color of next year's Christmas lights on the Nathan Phillips Square tree.
 
Klubmasta Will

Klubmasta Will

TRIBE Member
Mine went up by $474k. While it's good to see our property value increasing, increased property taxes are of course no fun, especially since we have no plans to sell our home anytime soon so the increase in value doesn't really help us at the moment.
 
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K

kyfe

TRIBE Member
praktik said:
But we're pretty much a in a taxation pickle after three decades of neoliberal mantra downloaded onto provinces and municipalities.

In the No Tax Before Death environment isn't property tax the only way for Toronto to really raise revenues?

I guess we got that gas tax revenue recently but that's the only new revenue I can think of for cities that wasn't property tax based in recent decades.

Anyway if we allowed ourselves more revenue tools the city wouldn't be forced to use the only lever they got.
Click to expand...
cough Land Transfer tax cough
 
B

Beings

TRIBE Member
boohoo. screw all of you for buying into the bubble early.

hopefully it will collapse before I am 50 so I can transition from condo to owning a gas fired bbq! (a man can dream). ch33se
 
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