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By A Smith (anonymous) | Posted February 14, 2011 at 10:43:03 in reply to Comment 59715
As compared to other areas, downtown properties ARE taxed at high rates...
$200k investment downtown Hamilton * 1.538% = $3,076
$200k investment in Ancaster * 1.391% = $2,782
$200k investment in Dundas * 1.374% = $2,748
$200k investment in Stoney Creek * 1.356% = $2,712
$200k investment in Burlington * 1.04% = $2,080
Therefore, a person that invests $200k buying a house and hoping to build equity, will have the hardest time doing that if they buy in the old city of Hamilton.
Let's say home values go up an average of 3% every year after inflation. In this scenario, the homeowner in Hamilton will be left with 3% - 1.538% = 1.462% after property taxes. The Burlington homeowner will have 3% - 1.04% = 1.96% after tax return.
If the goal is to increase the amount of new investment downtown Hamilton, shouldn't we be giving people tax incentives, rather than tax penalties?
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