Not super awesome, but at least better than Toronto's approach which has been to let infrastructure and services crumble instead of hiking taxes. I like my municipal infrastructure and services thank you.
But yeah, would be cool if this was scaled to income.
If they made property taxes proportional to income this wouldn't be that much of a problem for most people. Currently lower income families spend 10% of their income on property taxes and higher income families spend 2%. Raising property taxes without fixing that is not good. I'm not an economist so I don't know the best way to do it but I'm sure someone could figure it out.
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Not super awesome, but at least better than Toronto's approach which has been to let infrastructure and services crumble instead of hiking taxes. I like my municipal infrastructure and services thank you.
But yeah, would be cool if this was scaled to income.
If they made property taxes proportional to income this wouldn't be that much of a problem for most people. Currently lower income families spend 10% of their income on property taxes and higher income families spend 2%. Raising property taxes without fixing that is not good. I'm not an economist so I don't know the best way to do it but I'm sure someone could figure it out.
Source for my numbers: https://www150.statcan.gc.ca/n1/pub/75-001-x/10305/7796-eng.pdf