Quote:
Originally Posted by Cage
According to the City/s Annual Report for fiscal 2011, Net taxes available for municpal purpose amounted to 1.467 billion. This line item covers: property taxes, community revitalization levy, business taxes, revenue in lieu of taxes, and local improvement levies and special taxes LESS provincial portion of property taxes.
For arguement sake lets put the catchment area at a generous 40% of total city area. A 10% property tax increase (round up to 150 million) at 40% catchment area would yield additional revenue of $60 million assuming you could get the province to forgo its 1/2 share of revenue increase. Or about 50 years to pay off the debt associated with the SE/NC LRT.
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So given that in an ideal world half the cost would be picked up by other orders of government, this leaves the city to raise ~$1.5 billion. Given a 10 year time frame = $150 mil per year this would result in an 25% levy. This would be substantial but not excessive and given that it would be implemented prior to construction starting allowing the money to flow into a fund specific to the project rather than into general revenues as so often happens.
Edit: Alternatively cut that in half to 10% city wide into a fund for transit improvements, this way everyone puts their money in.
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