People outraged after revelation bigger homes are taxed way less in Toronto Toronto
, and the city's mind-blowingly high cost of living overall will be enraged to discover that many houses on the lower end of the spectrum are being overtaxed, while many pricier ones are not, according to the new in-depth investigation.— Chris Holt
After surveying some 12,000 home sales, journalists found that the body that determines property taxes both"assessed the cheapest homes at values higher than their sale prices more often than the most expensive homes" and vice versa.homes owned by wealthier people are often taxed at far less than they should be based on their actual worth — sometimes more than 20 per cent less —with the reverse also being true, putting an unfair tax burden on working- and middle-income residents.
Another home was purchased for $5 million but under-assessed at only $3.9 million when it came to calculating taxes. For the city to make up the lost tax revenue for this one residence, one expert noted, a whopping 13 less expensive homes would need to be over-assessed by the same amount of 21 per cent for tax purposes.
This information is a particularly hard blow now that the gap between the richest and poorest people in the countryI've always wondered what the heck home value has to do with costs to service. Why isn't property tax based on house & lot size? Why do compact neighbourhoods pay more when they cost less to service? Big house & lot -- pay more.
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