The City of Toronto’s 2025 budget includes a proposed property tax hike totaling 6.9 per cent.
In a release, the city says it is seeking to hike the property tax for residential properties by 5.4 per cent, which would be in addition to a 1.5 per cent City Building Fund levy increase. The fund is dedicated to supporting housing and transit in the city.
In a release the City said the proposed tax hikes align Toronto with “other Greater Toronto and Hamilton area municipalities.”
“This results in an increase of $210 annually for the average assessed value of a Toronto home ($692,031) or approximately $17.50 per month,” the release states.
The building fun levy would add $58.37 per year for the average assessed value of a Toronto home, the City said.
More to come
