posted on November 05, 2008

Brace for 2-4% tax hike, Mayor says

By: John Spears
Published: October 07, 2008
Source: The Star

Toronto property taxes are likely to increase by between 2 and 4 per cent next year, Mayor David Miller says.

"Yes, there could be a tax increase," but it should remain in line with inflation, the Mayor said today.

"I've asked, if (city staff) recommend one, that it be in line with inflation, which so far this year has been 3.6 (per cent) I think – so in the range of 2 to 4 per cent."

The city's 2009 budget is in its early stages of preparation. Miller said that the federal and provincial governments' tax revenues tend to rise automatically with inflation so they don't have to boost their tax rates, but the city has to increase its tax rates just to keep even with inflation.

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