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The hit to Toronto’s finances from COVID-19 is scary. Here’s what it means for the average homeowner’s property tax
The COVID-19 outbreak and response is costing city hall a whopping $65 million each and every week. Overtime costs and increased spending on child care, shelters and cleaning add to the pile on the expenditure side. A slowdown in the number of real estate sales is also taking a chunk out of Toronto’s land transfer tax haul. To put $65 million into context, it’s about equivalent to the annual revenue raised by a two per cent residential property tax increase. That kind of tax hike would cost the average Toronto homeowner an extra $61 on their property tax bill for every week this pandemic situation continues.
Source: thestar April 14, 2020 09:09 UTC
