New Coalition Advocates Property Tax Reform in Ontario
Frustrated with the continual increase in Canadian property taxes, a new group has formed in Ontario with the aim of capping the annual increase in property assessments.
The Coalition After Property Tax Reform (CAPTR) has proposed a plan limiting growth in a home’s assessed value to 5% p.a., even if the property’s increase in property value is well above that mark.
“We’re not asking for a rollback, we’re not asking for a tax freeze, and we’re not asking for a cap on tax increases,” said CAPTR founding member, Bob Topp. “What we’re asking for is a five per cent cap on annual assessment increases.”
The group says that such a plan would reduce volatility for homeowners who have recently seen their tax bills skyrocket due to higher assessments, even though tax remains have remained more or less the same. This effectively amounts to the government penalizing people for their homes rising in value.
The CAPTR is planning to survey all of Ontario’s members of provincial parliament on the issue before the next provincial election. The province’s property taxation policies have been under fire for the past several months, and the issue of reforming them will very likely play a role in the next election campaign.