We pay the lowest property taxes in the GTA although we receive some of the highest levels of service. For even just an added one dollar a day, we could move on many of the city-building initiatives that would make this a better place to live, to travel around, to work and play in. I think most people would be willing to pay that if we could see the improvements around us. We have to be mindful of sticker-shock. People will not willingly hand over more money if improvements are not apparent. So we need to respect tax-payers and trust them with more transparency.
The City also has a number of options besides raising property taxes, tools under the City of Toronto Act, which we should explore further. My work on the elimination of the Vacant Commercial Property Tax Rebate is one example of creative workarounds we can look at. I also believe the Vehicle Registration Tax should be restored. The “McMansion” tax on homes worth over $4 million has also been proposed and is something I am in favour of.
The City has a Revenue problem that it must get on top of if it is to be fiscally sustainable.