The possibility of a Land Transfer Tax in Hamilton
On January 15, City Council will discuss revenue sources to fund council priorities and ongoing operating and capital works.
There is no question that Hamilton is a growing city that faces both challenges and opportunities ahead. As a councillor, I feel there are opportunities to find better ways to control expenses and spending at City Hall. I also believe we have an opportunity to secure funding from the two senior levels of government to help offset the tremendous amount of money being spent on the homelessness crisis in our city. As well, Hamilton should be looking at opportunities to generate revenue. A land transfer tax (LTT) is one such consideration.
Before I continue, let’s be clear. The City of Hamilton cannot unilaterally invoke a LTT. Permission to do so would be granted by the province of Ontario, as it was to the City of Toronto. For me personally, I would only support a LTT debate in which at least two things occur:
Any LTT in Hamilton makes a specific exemption for first time homebuyers
A LTT in Hamilton comes with the explicit goal / requirement of allowing the City to significantly reduce or freeze residential property taxes
If these conditions are met, then I believe it’s in the collective responsibility of City Council to examine a LTT option. That said, I have no intention or desire to burden residents with additional taxation. That will be clear in my words to Council as this matter is debated.
