Mayor Olivia Chow's Toronto

[Northern Light]

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[txlseries4]

Heading to Executive Committee and being reported in the news is Mayor Chow's proposal for a luxury home property tax increase:

"This motion raises the cost to buy Luxury Homes incrementally - between 0.9% and 1.1% on the graduated rates listed below - to shift the cost of funding our city towards those who can afford it the most."

Value of Consideration	Revised Rate
Over $3,000,000 and up to $4,000,000	4.40 percent
Over $4,000,000 and up to $5,000,000	5.45 percent
Over $5,000,000 and up to $10,000,000	6.50 percent
Over $10,000,000 and up to $20,000,000	7.55 percent
Over $20,000,000	8.60 percent