A new report from CUR utilizes a comparative approach of 26 municipalities within the Greater Toronto Area to reach conclusions about the capacity for the City of Toronto to increase residential property taxes to finance its infrastructure requirements and ongoing services without resorting to new tax sources.
The bottom line is the City of Toronto has the capacity to increase its average property tax levied on homeowners by 17 percent to 23 percent if the taxes paid by homeowners in the median-ranked GTA municipality excluding Toronto is applied as a benchmark. In fact, it is likely the capacity exists to raise taxes even more than this conservative benchmark as long as Toronto taxpayers are aware of and support the services funded by the additional taxes.
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