Comment 102345

By CharlesBall (registered) | Posted June 11, 2014 at 13:32:20 in reply to Comment 102343

This is true, save and except that corporations who own property are similarly taxed. So it is not "essentially" a wealth tax on the middle class.

In Toronto for example, commercial taxation keeps residential taxes low. Hamilton used to benefit from taxes on industrial land keeping residential taxes low. Now that industry has fled Hamilton, the residents face a higher tax burden to pay for services.

What is ultimately completely unfair is that property owners are forced to pay social welfare costs. There is arguable no correlation between owning a piece of property and having to pay for welfare.

Also, since you are taxed on the value of property and cannot write off the loan to purchase the property, you are taxed on a loan. Corporations can write off the interest and the property tax against their income. But then to compensate, they pay often more than double the tax of residential property.

Comment edited by CharlesBall on 2014-06-11 13:48:18

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