CITC12H3 Chapter Notes - Chapter 3: Public Finance, Main Source, Chief Administrative Officer
Document Summary
Yet this is how the city of toronto"s budget is framed, and therefore we should change that thinking. The planned increase in residential property tax revenues (not to be confused with the actual property tax rate) has become the anchor of our city"s budget debate. Or 1. 75 per cent or 2. 25 per cent: this simple percentage figure is often the focus of the mayor"s budget instructions to city staff. It shapes much of the budget reporting and debate at council: this will inform people to think about the budget. There are three problems with this narrow focus on property tax revenues: first, it creates the misleading impression that property taxes are high and rising. The actual property tax rate has steadily decreased for years. Other major revenue streams include: water rates, development charges, business property tax, ttc fares, the land transfer tax, and user fees for city services. The property tax levy is far from irrelevant. o.
