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By A Smith (anonymous) | Posted April 10, 2009 at 02:50:01
UR >> You're missing (or maybe choosing to not acknowledge) my point, if we dropped taxes then the city would face an immediate drop in revenue but property values would not immediately rise to offset the drop.
According to the 2006 Census...
Hamilton average owned dwelling value = 268k
Hamilton median income (family) = 80k
Ratio of owned dwelling value/income = 3.35
Burlington average owned dwelling value = 348k
Burlington median income (family) = 86k
Ratio of owned dwelling value/income = 4.05
Oakville average owned dwelling value = 472k
Oakville median income (family) = 102k
Ratio of owned dwelling value/income = 4.63
These numbers indicate that people invest more of their income in their home when tax rates are lower. If Hamilton wants people to invest a greater amount of their income in their home, they need to stop punishing them when their house rises in value.
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