Toronto Just Approved Its Budget For The Year & Here's How It Will Affect Your Wallet
Property taxes are getting pricier for some.
Toronto City Council just approved a budget for 2022, and some residents will be paying a little more on their taxes this year.
In a news release posted on February 17, city officials revealed there will be a property tax increase this year for residential properties, but also some new investments that should make Torontonians' lives a little bit easier.
Residential homeowners will see a 2.9% property tax increase, which, would be an additional $93 for an average Toronto household in 2022. Commercial and industrial properties will also be paying a bit more this year.
Anyone at an apartment building or multi-residential building can let out a small sigh of relief as there will be no extra fees for them this year, "as per provincial legislation," the City says.
There's also some good news for small business owners, as they will see a 15% property tax rate reduction.
The budget is also raising the city building levy (which funds transit and housing investments) by 1.5%, meaning the average Toronto household will have to shell out $48 more to keep up with the city's approved capital funding strategy.
Toronto's operating budget for 2022 comes out to a massive $14.99 billion, including $1.4 billion in required funding from the provincial and federal governments as well as the $1.96 billion operating budgets the City approved back in December 2021.
The City said it approved several initiatives to finalize the budget on Thursday.
Including the approved initiatives, the City promises the following:
- Keep delivering essential and responsive City services during the pandemic
- Invest in public health
- Add 62 frontline paramedics as part of the Toronto Paramedic Services Multi-Year Staffing and Systems Plan
- Invest in shelters
- Boost transformational work to create affordable and supportive housing
- Invest in transit, including a TTC fare freeze
- Help Toronto's economic recovery and focus on helping small businesses
- Expand the city's digital services for residents and businesses
- Implement long-term care reform initiatives and expand the Seniors Services Unit
- Maintain the city's long-term financial sustainability
- Speed up the delivery of 300 extra housing opportunities for people experiencing homelessness
- Support hospital-based violence intervention programs
- Hire more by-law officers for the expansion of RentSafeTO, multi-tenant housing and noise by-law enforcement
- Speed up the elimination date of late fines at the Toronto Public Library
- Provide funds to maintain the Oakwood Vaughan Youth Space
- Provide support to the 519 community centre
- Provide funds to the Strong Neighbourhood Strategy and Community Partnership and Investment Program grants
- Help provide hygiene products at shelters, respite sites, and drop-in centres
- Support the existing programs for cultural organizations outside downtown Toronto