TORONTO, March 22 /CNW/ - The Coalition After Property Tax Reform,
(CAPTR), says the property assessment changes introduced in the Ontario budget
amount to tinkering and will not protect homeowners against massive tax hikes,
which will now be phased in over four years.
"The result will be that soaring assessments will make taxes more
predictable within each four year period but the problem of volatility caused
by a market driven system remains," says CAPTR spokesperson Bob Topp.
"The real problem with Ontario's current value-based property tax regime
is that it shifts the tax burden from one neighbourhood to another and one
property to another, reflecting pockets of hot market activity made worse by a
crude assessment process," adds Topp.
"If the four year cycle and four year phase-in proposed today in the
provincial budget had been in effect over the past decade it would have done
nothing to reduce volatility and the unfair shifting of tax burdens," he says.
"If Finance Minister Sorbara had combined his four-year cycle with our
call for a 5 per cent cap on annual assessment increases, he would have
provided real property tax stability for Ontario's homeowners," says Topp.
The Coalition After Property Tax Reform (CAPTR) is a province-wide
coalition of ratepayer and seniors organizations representing over one million
Ontarians. It was formed in 2006 to lobby for an equitable residential
property tax regime in Ontario.
For further information:
For further information: Bob Topp (416) 929-9885 or (705) 783-3131