This year, property owners would have to pay a little more tax as the Toronto City Council increased property taxes by 0.7%. It is estimated that the additional tax would amount to $69 for an average home price of $698,801.
Toronto City Council votes to increase property taxes by 0.7% for this year. Add in the City Building Levy of 1.5%, and that works out to the average Toronto homeowner paying an additional $69 dollars this year.Momin Qureshi of 680News
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It is said that this is the least increment witnessed during Mayor John Tory's administration. The Mayor marked the year as crucial to the budget because of the pandemic. However, he does not aim to burden businesses and individuals. The Mayor further stated:
"This is the most challenging budget year in the city's history due to the impact of the pandemic.
We're working hard to find savings while recognizing that individuals and businesses can't afford significant tax increases and should not be asked to absorb them."
It is further said that the budget shortfall for the year was around $2.2 billion. The shortfall was covered by a savings of $573 million, which comprised taxes and fees from different resources.
According to the City Council, this new rise in property taxes is expected to generate $4,621,345,185 for the city.