The grandstanding and fearmongering by Miller minion and now TTC chair Adam Giambrone was all too predictable: we'll have to cut key services - perhaps including the Shephard subway line - because council did not pass a whopping property tax increase.
And yes, the proposed Land Transfer Tax (LTT) is a property tax - it's paid on the value of your property. The only different is that it's paid in one shot - the buyer and seller end up splitting the cost. The seller pays in the form of a lower home price - while the buyer pays he tax at face value. Assuming you are in one home for a decade, the LTT proposal adds about 20% to your property taxes.
There are a few people who never move - or don't think they will - such as Globe & Mail columnists Rick Salutin and John Barber. They argue that it's unfair for people who own properties with growing values should not pay increasing property taxes. This is quite selfish - as it means people in less attractive housing must pay more.
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