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Toronto city staff propose 10.5% property tax hike at part of 2024 budget (www.cbc.ca)

submitted 10 months ago by [email protected] to c/[email protected]

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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.

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[–] [email protected] 8 points 10 months ago

The average property-owning household being charged an extra $321 a year (quoting the TL;DR bot) seems pretty reasonable to me when the average residential property value in Toronto is about a million dollars