Toronto homeowners will face a 3.58 per cent property tax hike this year, which works out to an extra $104 on an average property with an assessed value of $665,605.
City council voted 21-4 on Thursday in favour of a 2.55 per cent property tax hike for 2019 but the addition of the annual levy for Mayor John Tory’s previously approved city building funds means that homeowners will in fact face a tax hike that exceeds the rate of inflation.
The effort to increase property taxes above and beyond the 2.55 per cent hike favoured by Mayor John Tory came in the wake of Ryerson University releasing a study last week which suggested that the city has among the lowest property tax rates in the entire Greater Toronto and Hamilton Area. That study concluded that Toronto’s property taxes could go up by 20 per cent and the city would still be in the bottom half of GTHA municipalities when it comes to its residential tax rate.
While some councillors have said that the budget is not balanced and that a higher tax increase might be necessary to fill the shortfall and properly fund services, Mayor John Tory has objected to that assessment.
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