An extra $100 million in surplus had been found, mostly through property tax figures that arrived late and city investments that performed more strongly than expected. Yourhome.ca
Toronto property tax hikes lowered to 2.9%!
March 12, 2010
Mayor Miller has been crying poor for quite some time now. Miller insisted that to maintain a balanced budget the city would have to increase property taxes to 4%. Coupled with the property tax increases, homeowners would see city services actually decline. In fact, officials called for a 5% decrease in budgets across the board. Both the TTC and the police force managed to cut $10 million out of their budgets. Libraries were also considering closing their doors on Sundays.
But when all was said and done at the end of 2009:
There is some speculation as to whether Miller was really in the dark about the surplus. Was he claiming the city had less than projected in an attempt to reduce budgets across the board?
Either way the hike will only be 2.9% rather than 4%! That’s good news…right?