Multi-million dollar homes in Edmonton could face a ‘mansion tax’ in 2023
Global News
Owning a multi-million dollar home in Edmonton could have you paying more in property taxes next year. This if a new tax being proposed by a city councillor goes through.
Owning a multi-million dollar home with a luxury pool or movie room can pay off in many ways. But come next year, owning a mansion in Edmonton could lead to paying more in property taxes.
“Right now, whether you live in a $300,000 house, a $3-million house or a $12-million house, you pay the same amount and that’s a problem,” Ward papastew Coun. Michael Janz said.
Earlier this week city council passed a motion introduced by Janz to investigate options of implementing a “mansions tax” next year.
“It isn’t fair to the people on the bottom end who are paying the same compared to people who have much more of an ability to pay their taxes at the higher rates,” Janz said.
Janz added the change could either see an increase for homes valued at more than $1 million, or a reduction in taxes for homes under that range.
Either way, Janz wants to see any additional money from the tax go towards housing the city’s vulnerable and other social programs.
“If we’re able to raise a little bit more revenue, or rather spread out the burden a little more fairly for folks who are on the lower end of the spectrum tax-wise, we’ll be able to help them have a little more affordability,” Janz said.
But economist Moshe Lander said implementing a mansions tax could backfire economically.
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