The first draft of the 2025 Toronto budget, released Monday, calls for a property tax increase of 6.9 per cent, which would cost the average Toronto homeowner about $268 this year.
This year’s proposed increase, which combines a 5.4 per cent increase to residential property taxes plus a 1.5 per cent hike to the city building fund, is lower than last year’s historic 9.5 per cent hike, but in line with the seven per cent increase in 2023 under then-mayor John Tory.