The City of Toronto is proposing to increase property taxes by 6.9 per cent this year to help fund its $18.8 billion operating budget for 2025.
The proposed hike includes a tax increase of 5.4 per cent on residential properties, which would cost $210 more annually for an average home with an assessed value of $692,031.
The budget is aiming for another 1.5 per cent increase in building levy fees, which would cost those owning a home in Canada’s largest city an additional $58 dollars in 2025 – money that officials say will be invested in transit and housing.
Toronto Mayor Olivia Chow says the budget is aiming to feed thousands more students through school food programs, improve transit services, and boost emergency services.
The budget also aims to provide money to extend library and outdoor pool hours across the city.
Last year, the city increased residential property taxes by 9.5 per cent, the biggest hike since Toronto amalgamation in 1998.
This report by The Canadian Press was first published Jan. 13, 2024.
