He proposed that they shall be kept below the rate of inflation to reduce the cost of owning residential property. On the other hand, he proposes a steeper increase of commercial taxes as compared to residential property so as to reduce the ratio between commercial taxes and residential taxes (Peat 2014). Olivia chow another favorite contestant intended to keep the tax rates of residential property pegged on the rate of inflation such that they are either slightly higher, lower or in line as compared to the increases or decreases in the inflation rates. Her policies on property tax favor small businessmen as she intended to decrease the rates of taxes for these businesses by a total of 2.5% by the year 2020 (Peat 2014). This she believed would service as an incentive for more people to join the market. Just like his fellow contestants for the seat John, Doug Ford promised to ensure that the residential property taxes are maintained at a level below the comparative fluctuations of the rate of inflation (Peat 2014).
All the three main candidates aimed to reduce the amount of taxes that residential property pay to make them more affordable to home owners and tenants. John Tory and Doug Ford planed to adopt the exact same policy of keeping the rates lower than the comparative rate of inflation at any given time. The Policies of Olivia chow are almost similar in that she also intended to use the inflation rate at the yardstick to determine the rate of tax for residential property (Peat 2014). The only difference is that she did not promise to keep increases in the rates strictly below the relative increases in inflation rates. She said the changes in the rate could be above or below the changes on the rate of inflation but by a very small margin (Peat 2014). Another difference in Olivia`s policies manifested in her plans for boosting small businesses by progressively decreasing the taxes required from them (toronto mayoral election promise tracker