When Current Value Assessment (CVA) was introduced in 1998, it caused an annual increase in property taxes of almost $3.6 million on the 1041 single family houses in South Rosedale. Thus the average tax increase on each house was approximately $3,450, even though there was no increase in total property taxes raised by the City of Toronto.

The 1996 CVA, based on the market value of houses as of June 1996, was used for the 1998, 1999 and 2000 property taxes. In these three years, South Rosedale single family houses paid an accumulated increase of more than $10 million, averaging about $9,600 per house.

Then along came the 1999 CVA as a basis for the 2001 taxes. With no increase in the amount of taxes raised from the residential class of properties, 1999 CVA increases taxes in South Rosedale over the 1996 CVA by approximately $2 million each year, approximately $1,900 extra per average home.

This means that property tax increases on South Rosedale homes caused solely by the introduction of Current Value Assessment total more that $5.5 million annually, a $5,350 annual increase on the average house.

CVA has increased the total property taxes paid by the 1041 South Rosedale houses from $6.2 million in the pre-CVA era to $11.7 million, an increase of almost 90%. On top of the $11.7 million comes the 5% increase in residential taxes, which has been set by the budget process.

The $11.7 million plus 5% to be paid by our 1041 homes does not include the property taxes on the co-ownership buildings such as condos and co-ops or on the multi-residential buildings in South Rosedale. The ten co-ownership buildings provide an additional $1.16 million in residential property taxes in South Rosedale while the twelve multi-residential (rental) buildings add a further $1.23 million.

In total, the residents of South Rosedale will contribute more than $14 million dollars in property taxes annually to the City of Toronto and this is before any tax increases. A 5% increase on residential properties will add an additional $640,000 to the South Rosedale contribution to the city coffers.

By the way, the average tax bill for a South Rosedale home is about $11,250. The average tax bill for the typical two-storey home in the City of Toronto is $3,641 (according to the Toronto Star.) Even before the introduction of CVA, the average home in South Rosedale paid about $5,956 in property taxes. It is obvious that Rosedale’s homes are carrying their fair share of property taxes and have been doing so even before the introduction of Current Value Assessment (CVA).