Property Tax Hikes Could Be In The Works For Toronto

Toronto Property Tax Hikes
Photo by Scott Webb on Unsplash.
Toronto Property Tax Hikes
Photo by Scott Webb on Unsplash.

As the City of Toronto looks to balance its $14 billion budget, property tax hikes could be in the cards.

City staff recently released their recommendations for making up the $79 million required in savings.

READ: Here’s How A Higher Inflation Rate Could Affect The Toronto Housing Market

In addition to proposing a 1.8 per cent property tax increase—including a 2.55 per cent increase for residential homes— the city is also suggesting a 3 per cent water rate increase and 2.2 per cent increase in garbage collection fees.

In 2018, city council approved a 2.1 per cent hike resulting in the average homeowner paying an additional $81 in property taxes last year.

City workers have also suggested phasing out the rebate program that encourages residents to use smaller bins with the goal of reducing household waste.

READ: High Levels Of Household Debt Could Spell Disaster For Toronto and Vancouver

If approved, these changes could add more than $100 to the average property tax bill. Water costs will also increase close to $30 while garbage collection would rise to over $70.

The proposed hikes come just a week after the TTC announced their own fare hike of 10 cents per ride for Presto and token users.

READ: TTC Presto And Token Fare Hike Effective In Early April

According to the CBC, some councillors feel the proposed budget is lacking. Councillor Gord Perks pointed out that the changes will have little impact on the $79 million hole that needs to be filled.

Input from the councillors and public is encouraged and expected before the budget is approved in March.

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