Toronto’s “tremendous achievement”

Is this a strange characterization of higher taxes?

Toronto homeowners will face a 3.75 per cent property tax increase this year, as well as the city’s new land transfer tax which comes into effect today. The Toronto land transfer tax, which comes into effect today, is expected to raise $175 million for city coffers. There will also be a non-residential property tax increase of 1.25 per cent.

According to the city, the property tax increase will result in an additional $80.70 in taxes on a residence worth $365,000, which is thought to be the average Toronto house price.

In a statement, Mayor Miller said, “This is a tremendous achievement for the city. Building a city that is livable and provides prosperity and opportunity for everyone is the most important role of local government. This budget allows us to start to make the kinds of investments Torontonians want and deserve. As a government, we have made difficult decisions over the past months and are now starting to turn the corner.”

Miller’s opponents on council are not impressed. They say the 2008 budget is just as unsustainable as the ones in previous years, the only difference being that the provincial bailout came early in the process instead of late.

Some councillors say the budget is a reflection of just how expensive it is becoming to live in Toronto with increased property taxes, land transfer fees, vehicle taxes and a new garbage fee.

The budget will go to a final vote at Toronto council at the end of March.