Comment 33064

By A Smith (anonymous) | Posted August 27, 2009 at 20:10:06

Toronto has a residential tax rate of .855%, Hamilton's is 1.59%. Therefore, for every $25 million in new assessment that Hamilton is looking for, it charges people $397,500 in property taxes. In Toronto, for every $25 million in new assessment, they charge only $213,750 in taxes.

If two cities are fighting over the next $25 million dollar residential investment, who do you think has the best chance, the one who want 398K in taxes, or the one who only asks for 214K?

If tax rates can't be lowered on all properties overnight, why not at least charge NEW downtown residential developments what Toronto does, 0.855%. This won't hurt existing revenues, but it will put Hamilton on a level playing field with booming Toronto when it comes to new investments.

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