The proposed hike features a tax enhance of 5.4% on residential properties, which might value $210 extra yearly for a mean residence with an assessed worth of $692,031.
The funds is aiming for one more 1.5% enhance in constructing levy charges, which might value these proudly owning a house in Canada’s largest metropolis a further $58 {dollars} in 2025 – cash that officers say shall be invested in transit and housing.
Toronto Mayor Olivia Chow says the funds is aiming to feed hundreds extra college students by way of college meals packages, enhance transit companies, and increase emergency companies.
The funds additionally goals to supply cash to increase library and out of doors pool hours throughout the town.
Final 12 months, the town elevated residential property taxes by 9.5%, the largest hike since Toronto amalgamation in 1998.
This report by The Canadian Press was first printed Jan. 13, 2024.
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Final modified: January 13, 2025