Toronto's Property Tax Could Go Up By Over 10% In 2024 & Here's How Much Money It'd Cost You
This potential residential property tax hike was just revealed in the proposed 2024 Budget.
Toronto City Hall.
There could be a Toronto property tax increase of more than 10% this year and it could cost you hundreds of dollars.
This was revealed as part of the proposed 2024 Budget that the City of Toronto put out on Thursday, January 10.
So, if you live in the city, here's what you need to know about the proposed hike, including what it could cost you and what's coming next.
Why you should care: There is a proposed residential property tax rate increase of 9% which would directly impact your bills.
That residential impact for the average home is an increase of $321 annually in 2024, breaking down to a monthly increase of $26.75.
Also, an additional 1.5% increase to city building fund levy in 2024 has been proposed which would result in a $53 annual increase — $4.42 a month — for the average residential home.
With both proposed increases, there would be a 10.5% rise in the residential property tax.
That works out to an increase of $374 a year for the average home if the budget is approved.
However, there could be an even bigger cost to Toronto residents, according to the proposed budget.
The City of Toronto expects to access a federal funding program in 2024 for reimbursement of costs related to refugee claimants and asylum seekers.
If there is no federal funding, city staff will report back on actions that are needed to maintain a balanced budget.
The costs related to supporting shelter beds for refugees and asylum seekers would be the equivalent of an additional 6% property tax increase.
It's not yet clear if raising property taxes by 16.5% is actually one of the actions the city would take to make up the money.
What they're saying: "We're building a financially stable and sustainable future for Toronto to ensure the 2024 Budget maintains frontline services for Torontonians and makes smart investments in housing, transit and community safety," said Toronto Mayor Olivia Chow in a statement about the budget.
What comes next: Toronto residents and businesses can share feedback about the proposed 2024 Budget through telephone town halls on January 16, 17 and 18, at in-person meetings on January 22 and 23 or via email.
Then, as required by provincial legislation, Mayor Chow will present a budget by Thursday, February 1 that will be considered by the City Council on Wednesday, February 14.
This article's cover image was used for illustrative purposes only.