January 25th, 2008
Friday’s headlines
By Monika Warzecha // 2 Comments
• Don't raise the roof over taxes [ Toronto Star ]
• Owners brace for tax hikes [ Globe and Mail ]
• Say cheese(or chili) and smile for the cameras [ Toronto Star ]
• Councillor's rental deal found to have violated code of conduct [ Toronto Star ]
• Incinerator approved, but opposition burns [ Toronto Star ]
• Garbage incinerator site approved in Durham [ Globe and Mail ]
• In this corner, a Tory minister wearing blinders [ Toronto Star ]
• The man who's adding curves to the skyline [ Globe and Mail ]
• Ryerson's new look for Yonge & Gould [ National Post ]
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the wild card in the formula is "how much money does the city need".If the city continues to borrow it will eventually have to collect money to pay off that debt.At the moment the city is frantically trying to come up with "service charges" that can cover those expenditures.If their calculations come up short they borrow.Our interest payments are a large part of the budget and growing.So the question is do we pay more for these extras through service charges or property tax?In any case somebody will pay!Now if we could only have those councillors stop wasting money on frill projects.
The only ones being threatened by the new assessments are those whom assessments have risen more than the average. It sounds like scaremongering to me.
One of the largest threats promoting increased property taxes is development itself. As of 2006 Toronto had 120,000 residential units in the development pipeline. Currently the average provincial/federal grants to Toronto amount to $1,982 per household. If the upper levels of government do not keep there funding at the same levels that means a potential increase of over 200 million dollars.
Comment by Glen
January 25, 2008 | 2:54 pm