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article imageToronto Property Taxes will be considered on Friday

By KJ Mullins     Mar 24, 2010 in Business
Toronto - On Friday the Toronto City Budget Committee will consider the 2010 municipal tax rates and municipal tax ratios. This year's increase will be 1.8%, the lowest in the Greater Toronto Area.
Taxes for small businesses, city businesses and apartment building owners will see a reduction.
According to a press release from the city a 2.9% single family residential tax rate increase means an additional $67.69 on the average property assessed at $407,374 in 2010. Industrial properties will see an increase of 1.7% and larger commercial properties will be increased by 2.1%.
It is expected that property taxes in 2010 will bring in $63.04 million for Toronto.
Starting in 2006 the Council adopted ‘Enhancing Toronto’s Business Climate’ to reduce the reduce the municipal tax ratios for the non-residential tax classes to 2.5-times the residential tax rate by 2020. Last year the Council voted to speed up the reductions in non-residential and tax rates to be in effect by 2017. This is expected to continue this year.
The enhancement of the business climate in Toronto improves the competitiveness of small businesses, lowers the impact to larger businesses and industries and provides tax reductions for apartment buildings.
The impact of business property tax relief is $257 million since 2006.
Low income seniors and persons with disability who meet the criteria of eligibility are provided with Tax Increase Cancellation Program and a Tax Increase Deferral Program by the city. Tax Increase Cancellation Program allows some homeowners to have their tax increases canceled. The Tax Increase Deferral program allows homeowners who are eligible to have their increases deferred without interest until they sell their property.
More about Taxes, Property taxes, Toronto property taxes
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