$6.17B city budget is released
The city has released its 2020 budget, with average 2.1% tax increases at a rate La Presse says exactly equals inflation.
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John B 14:24 on 2019-11-25 Permalink
> a rate La Presse says exactly equals inflation.
Except the value of the property being taxed is already rising at something pretty close to the rate of inflation, so the real increase is (Inflation X Inflation).
In rapidly-gentrifying areas, (like Verdun, which also has the highest tax rate increase), it’s worse because the “value” of the properties is increasing so much. For example, the role de valuation of the building I live in increased by something like 30% between the previous valuation and the one released earlier this year. My landlord is going to have a hefty tax increase, (that she’ll try to pass on to me).
nau 15:32 on 2019-11-25 Permalink
I think what they mean is that the amount of tax paid is going up by e.g. 3.2%, so if someone was paying 2000 this year, they’ll pay 2064 in 2020 It’s not like the value went up 30% and then the rate the valuation is multiplied by is going up 3.2%, so the amount of tax is going to jump by 30%+. Generally, as the valuations soar, they actually seem to reduce the rate by which they multiply the valuation, so that the amount of tax to pay goes up by somewhere in the vicinity of the inflation rate.
John B 09:12 on 2019-11-26 Permalink
If that’s the case it would be much better. I just checked the actual numbers, and I guess the increase in base value is applied over 3 years, so in 2021 the building will be considered 37% (!!!) more valuable than in 2015.
As for the jump from last year to this year, my landlord will have to pay 6.6% more in 2019 than 2018, even though the actual rate went down for most of the taxes.
The thing about this news story is that it’s really hard to get the details. Most owners won’t know how true or not the claims are until tax bills are issued in January. Maybe we should check back then!