“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.
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