UK property taxes highest in developed world, says thinktank

British people pay the highest levels of property taxes in the developed world and more than twice the average for the 34 rich countries in the Organisation of Economic Co-operation and Development (OECD), according to a thinktank report.

The right-of-centre Policy Exchange said politicians should reject new levies on property – such as the "mansion tax" on residences worth over £2m favoured by the Liberal Democrats and Labour – and instead pledge to bring down housing costs by building 1.5m new homes by the end of the decade.

Biggest property tax increases expected in Davenport, Willowdale neighbourhoods

Homeowners in the Davenport and Willowdale neighbourhoods will likely end up paying more property tax next year, based on recent assessments.

But they’re also the neighbourhoods with the highest increases in property values.

“Our values are consistent with the trends and patterns in the real estate market,” said Joe Regina, with the Municipal Property Assessment Corp. which assesses properties across the province. “These are generally in high demand (and) it’s outpacing their supply.”

City of Toronto proposes 1.95 per cent budget, pressures police force to freeze its budget

City of Toronto staff are proposing a 1.95 per cent property tax hike for next year but warn that the city’s return to fiscal health hinges on the police service freezing its budget.

City Manager Joe Pennachetti unveiled a proposed 2013 operating budget Thursday that would wipe out the annual predicted funding shortfall — but only if police Chief Bill Blair abandons his fight for more cash.

Ontario Property Tax Hike Will See Homeowners Pay 18 Per Cent More Over 4 Years

PICKERING, Ont. — Ontario homeowners will see the determined value of their houses rise 4.5 per cent in each of the next four years — and may face tax increases as a result — following a report that found property values have risen 18 per cent since the last update in 2008.

The report released Tuesday by Ontario's Municipal Property Assessment Corp. said property owners will see an average assessment increase of 4.5 per cent in each year for the next four years as it phases in the increases.