RE/MAX Condo Plus makes a good point about Toronto’s maligned land transfer tax proposal. Toronto’s property taxes are the lowest in the GTA. In fact, they’re below the value of services Toronto residents receive.
City hall could have just increased property taxes to the GTA average. Instead, the Mayor has chosen to hammer people with a lump-sum tax when they move.
The logic was to protect homeowners, particularly seniors, from increased annual tax liabilities. In fact, it all comes out in the wash either way, but the latter strategy makes for worse headlines.
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Last modified: July 23, 2007
