BREAKING: Tory proposes 5.5 per cent property tax hike in 2023 budget.
The budget, tabled for the first time on Tuesday, is based on a 5.5 per cent increase to the residential property tax rate. However, homeowners will actually see their bills increase by seven per cent in 2023 due to a previously approved 1.5 per cent hike to the city building levy.
Staff say that the owner of an average priced home assessed at $695,268 will pay an additional $233 as a result. The property tax bill for an average priced home would total $3,569. Tory’s proposed 2023 residential tax hike dwarfs the 2.9 per cent introduced in 2022 -- the highest of his tenure at the time.The 2023 proposal is the first to be introduced under Tory’s new so-called “strong mayor” powers, which allow Tory to veto amendments to the budget presented by council. However, a veto can be overturned if two-thirds of council members oppose it.
The $16.16-billion budget, which the city says is balanced, will also see a three per cent tax increase for water, wastewater; and solid waste.Coupled with the $484-million deficit leftover from 2022, the city said it requires support from other levels of government to offset the $1.4 billion COVID-19 has cost the city.
In fact, since 2020, Toronto has seen $5.5 billion in total COVID-19 financial impacts since the start of the pandemic.
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