Mayor announces Toronto’s residential tax rate will rise by 5.5%
“I do not want to pause or cancel more projects in order to address this shortfall because I know this will have negative consequences on our city short term, longer term, and on much needed jobs,” he said.
In 2022, Toronto’s property tax increase was 2.9 per cent plus the 1.5 per cent city building levy increase. This saw the average homeowner’s bill rise by about $140.In addition, Tory said the 2023 budget also includes a proposed three per cent tax increase for water, wastewater and solid waste. He also included the “hotel tax.”
For commercial properties, the proposed rate increase is 2.75 per cent and 5.5 per cent tax hike for industrial properties.Tory says he wishes it could be lower, but says the city’s budget faced severe issues this year, including ongoing pandemic costs, which have cost the city $5.5 Billion since 2020.In 2022, the city’s property tax increase was 2.9% plus the 1.5% city building levy increase – which saw average homeowner’s bill rise by about $140. So the 5.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Toronto Police Services Board to review proposed $48 million funding increase - Toronto | Globalnews.caThe proposal represents a 4.3 per cent or $48.3-million increase over 2022's police budget, bringing its total to just over $1.1-billion for 2023.
Read more »
Calls for Toronto to open more warming centres grow as second unhoused person dies in TorontoDozens of faith leaders are launching a city-wide campaign today to demand more warming centres be opened immediately in Toronto.
Read more »
Here's why adding more cops to the TTC probably won't make things saferToronto Mayor John Tory's plan to add 50 Special Constables (and a 10-cent fare hike) to the TTC is a direct response in the City of Toronto's 2023...
Read more »
Flight PS752: Trudeau reassures support as Canadians mark 3rd anniversary of crash - National | Globalnews.caTrudeau said the Canadian government is 'taking concrete action to ensure Iran is held accountable for its egregious and unlawful downing of Flight PS752.'
Read more »