Toronto Mayor John Tory, a staunch advocate of Urbanization and proponent of public transit expansion in Toronto has proposed a 1/2 percent increase in property taxes beginning in 2017 for five years raising a total of $325 million. This increase is to fund what he calls: City Building Fund. This increase is estimated to cost the average home owner an additional $13 per year during the five year period but Tory did admit that home-owners will be on the hook for an average of $65/year once the City Building Fund is fully engaged.
The Goal of the City Building Fund?
To fund Transit Expansion and Social Housing. The $325 million raised will also be available to continue working on improving the flood plain at the lower Don River and other infrastructure projects that have been underfunded in past years.
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