Toronto Proposes a 10.5% Increase in Property Tax for 2024 Budget
1 min read.
The City of Toronto is proposing a 10.5% increase in property tax for the 2024 budget, comprising a 9% rise in the city's residential property tax and a 1.5% increase in the city building tax. This surge in Toronto's residential property tax marks the most substantial single-year increase since the 1998 amalgamation.
The city’s budget chief, Shelley Carroll, acknowledges, "It is no secret that this is going to be a challenging financial year. The city faces a $1.8 billion shortfall in its operating budget due to years of chronic underinvestment in city services." She mentions that higher property tax bills are necessary to sustain essential city services.
With the uptick in property tax, the average household will see an increase of $30 per month. Some Torontonians express concerns about rental prices, as landlords may pass on the added cost to renters. Toronto Mayor Olivia Chow says renters can expect a move that will help prevent significant rent increases. She plans to follow a recommendation from the Budget Committee to lower the proposed property tax increase for multi-residential dwellings by less than 3.75%.
Scheduled budget debates and consultations will span five weeks. Olivia Chow is set to present the final budget to the city council on February 14th for a vote, and Torontonians eagerly anticipate the outcome.
References
Freeman, J. (2024, January 29). Chow says tax hike will be lowered for some Toronto properties to make sure renters don’t see big increases. CP24. https://www.cp24.com/news/chow-says-tax-hike-will-be-lowered-for-some-toronto-properties-to-make-sure-renters-don-t-see-big-increases-1.6747205
Powers, L. (2024, January 11). Toronto city staff propose 10.5% property tax hike as part of 2024 budget | CBC News. CBCnews. https://www.cbc.ca/news/canada/toronto/toronto-city-budget-launch-1.7078446
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