TORONTO HOMEOWNERS FACE LARGEST PROPERTY TAX HIKE OF TORY'S TENURE
Jan 13, 2022
By Bob Komsic
Mayor John Tory says like last year, this ”is also a COVID-19 budget.”
He calls it a ”responsible budget that will ensure Toronto gets through the Omicron surge and ultimately through this pandemic and comes back stronger than ever.”
If approved by City Council February 17, the mayor says the budget will invest in ”an emotion-centred care model at City-run long-term care homes,” result in the hiring of 62 frontline paramedics, lower small business property tax by 15%, freeze TTC fares while restoring service to pre-COVID-19 levels, and expand sidewalk snow clearing to every neighbourhood across the city.
The $14.9-billion proposed budget includes a 2.9% residential property tax hike, coupled with a 1.5% increase to the city building levy approved back in 2019.
That means the average Toronto home owner could be looking at a $141 higher property tax bill this year.