Toronto homeowners will actually dish out 7% in 2023, thanks to a previously approved 1.5% price hike to the City Building Levy on top of the city's fresh 5.5% propertytax increase. realestate realestatenews tax
Toronto’s freshly-tabled budget includes a dramatic 5.5% hike in property tax.
According to the City Manager’s outline of the $16.16B budget, property tax bills for the owner of an average priced home will increase by $233 this year. “Throughout the election, I campaigned on keeping the operating budget property tax increase below the rate of inflation,” Tory said this morning in his budget remarks. “This budget delivers on that promise with a 5.5% tax increase — that is below Toronto’s 6.6% inflation rate, but I recognize it is a substantial increase and that we are asking people to pay more. I wish it could be lower because I know any increased cost is harder to bear right now.
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