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By A Smith (anonymous) | Posted January 23, 2009 at 18:24:41
Balance, I know you were talking about property tax rates and so was I. You believe that tax rates don't matter, only the "total" tax figure that the city charges property owners, I disagree. If the city lowered the tax "rate", it would lower the cost associated with owning property in the city. For example, on a $1,000,000 investment in Hamilton's residential property market, the city takes about $15,500. In Toronto, the city only takes $8,500. Where would you rather invest your money?
The fact is, if Hamilton started lowering the rate at which it taxed property owners, you would see a proportional increase in demand for land. This is easy to understand, because the city would be making it easier for investors to make money. Over time this would drive up assessments and the city would likely have more revenue than before, even thought they charged a lower rate. That was my point regarding lowering income tax rates.
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