BREAKING: Toronto unveils 2023 budget, property tax to increase by 5.5 per cent
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 increase, which is below the city’s rate of inflation of 6.5 per cent, would also see a 2.75 per cent hike for commercial properties. introduced in 2022 -- the highest of his tenure at the time.This is a breaking news story. More to come.
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