A 2.2 per cent property tax increase is being proposed for Toronto residents as part of the 2026 budget.
Mayor Olivia Chow’s office says the increase includes a 0.7 per cent hike in property taxes coupled with a 1.5 per cent annual increase in the City’s Building fund, which goes toward paying for transit and housing infrastructure.
Exact details on the budget process are expected to be revealed on Thursday morning.
This is the lowest property tax hike since 2020.
Last year saw a property tax increase of 6.9 per cent, while two years ago, a 9.5 per cent increase was levied on Toronto residents.
According to the mayor’s office, the increase is well below neighbouring municipalities such as Richmond Hill (3.46 per cent), Markham (3.9 per cent), and Burlington (5.8 per cent).
