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John Tory proposes new tax to fund transit, housing

Last Updated Dec 2, 2015 at 9:23 pm EDT

Mayor John Tory wants to create a new tax for transit and housing once the Scarborough subway levy expires in 2016.

Residents would pay 0.5 per cent more each year for five years starting in 2017.

The tax would add $13 to the average property tax bill each year, accumulating by .5% a year. By 2021, it would equal additional $65 per year.

When added to the Scarborough subway levy (at 1.6 per cent), homeowners would pay a total of $104 per year in addition to their normal property taxes.

The proposed new tax, called the ‘ City Building Fund,’ would raise $70 million per year once fully rolled out by 2021 and fund council-approved projects such as SmartTrack.

– With files from Cynthia Mulligan, CityNews and Mark Douglas, 680 NEWS