TORONTO MAYOR PITCHING NEW TAX LEVY FOR TRANSIT, HOUSING

Dec 02, 2015

By Bob Komsic

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When John Tory was elected last year, he promised to keep property tax increases at or below inflation.
And the mayor rejects his latest idea breaks that promise.
John-Tory-FB-photo
Tory’s proposing a levy of 0.5% to start in 2017 and compound for five years.
When it reaches 2.5% in 2022 the levy would continue indefinitely.
The mayor says this would add about $13 to the average homeowner’s property tax, pointing out that’s ”less than a trip to the movies,” and eventually would raise $65-million a year.  
Tory says the money would go strictly toward infrastructure.
City council will have the final word on whether there’s a new levy, such as the one added last year to pay the city’s share of the Scarborough subway extension.
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