Toronto 's proposed property tax rate for this year is on the table and you've got questions. CBC Toronto 's city hall reporter Shawn Jeffords breaks down below what we know and what we don't at this point. Staff proposed a 10.5 per cent property tax increase this week — amounting to more than $300 per year added to the bill of the average home — and warned without funding from the federal government , that could climb as high as 16.5 per cent.
The money is needed to combat a massive budget shortfall, city officials say. Mayor Olivia Chow called it "the first step in the process of getting our city back on track.
Toronto Property Tax Increase Budget Shortfall Federal Government City Officials Olivia Chow
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