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1. Toronto & GTA
REJOICE!? TORONTO MAYOR CHOW TO TRIM SKYROCKETING TAX HIKE TO 9.5%
Author of the article:
Postmedia News
Published Jan 31, 2024 • Last updated 3 days ago • 1 minute read
119 Comments
Toronto Mayor Olivia Chow arrives to West Block of Parliament Hill in Ottawa on
Sept. 27, 2023. (The Canadian Press)
ARTICLE CONTENT
Imagine celebrating a 9.5% tax increase.
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REJOICE!? TORONTO MAYOR CHOW TO TRIM SKYROCKETING TAX HIKE TO 9.5% BACK TO VIDEO
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Homeowners in Toronto will take what they can get, so word that Toronto Mayor
Olivia Chow is set to unveil a budget on Thursday that includes a 9.5% increase
— and not a double-digit hike — might be viewed as a tiny victory of sorts to
those conditioned to pay more for everything these days.
Article content
The staff-proposed budget released on Jan. 10 called for a 9% property tax
increase along with a 1.5% hike to the City Building Fund, meaning a 10.5% bump
that would have amounted to an increase of about $360 a year for the average
Toronto household, Budget Chief Shelley Carroll said at the time.
However, the mayor’s office confirmed to CTV News Toronto that Chow will propose
lowering the property tax hike to 8%, which combined with the pre-approved 1.5%
increase to the City Building Fund for transit and housing, brings the 2024
residential increase to 9.5%.
Recommended from Editorial
1. Expect city's budget to call for a whopping double-digit tax hik
2. Toronto city budget proposal would increase local taxes by double digits
Despite the minuscule decrease, the hike would still be the largest property tax
increase since amalgamation. It follows a 7% increase put through when former
mayor John Tory oversaw the last budget before stepping down one year ago.
The budget is slated to go to city council for debate next week.
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