Toronto unveils 2023 budget, property tax to increase by 5.5 per cent

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Toronto unveils 2023 budget, property tax to increase by 5.5 per cent
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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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

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