City of Toronto staff are proposing a property tax increase of 5.4 per cent in the latest city budget.
The property tax increase is in addition to an annual 1.5 per cent hike to the city building fund, which is a levy designed to help fund critical infrastructure projects. As a result, taxpayers would see their bills increase by 6.9 per cent.
Mayor Olivia Chow says there is money in the budget to hire more first responders, expand food programs, and add more apartment inspectors to make sure rental units are in good condition.
The mayor announced last week that the latest TTC budget would freeze fares for a second year in a row. She also said the city would hire more traffic wardens to ease congestion.
Budget Chief Shelley Carroll says the proposed budget continues the “journey toward fiscal sustainability” while strengthening core services.
The proposed increase will be debated by city council in the coming weeks before being finalized.