Toronto staff are recommending a nine per cent hike to the city’s residential property tax — the largest single-year increase since amalgamation in 1998 — as they look to fill a nearly $1.8 billion budget shortfall in 2024 and a grim long-term fiscal outlook.
With the recommendation of an additional 1.5 per cent increase to the city building tax, property owners could see their tax bill jump 10.5 per cent this year if the figures go unchanged during five weeks of scheduled budget debates and consultations. The city building tax is a special levy introduced in 2016 that goes toward major transit and housing projects.
The potential increases were outlined by budget chief Coun. Shelley Carroll at a Wednesday morning news conference ahead of staff presenting their fiscal plan to the city’s budget committee.
Toronto city staff propose 10.5% property tax hike as part of 2024 budget – CBC, January 9, 2024
Property tax by Nick Youngson CC BY-SA 3.0 Pix4free
