Municipal Property Taxes to Increase Significantly in Toronto in 2024
There was always talk of a significant increase to cover the budget shortfall.
Last week, the City of Toronto’s budget chief Shelley Carroll introduced significant property tax hikes to help the city balance its budget. Even though other levels of government have offered to help the city, it won’t be enough to get us out of our current hole. They have announced a whopping 10.5% increase in taxes which is much higher than the rise of the inflation rate.
Mayor Olivia Chow warned us in her housing action place that this would happen. Many residents of Toronto are not happy with this situation given that the city is wasting money renaming public squares and has invested in other social services programs that some feel are fiscally irresponsible. Since the City cannot run at a loss, City Hall is saying that this is the only way to get us out of the current dilemma. Ontarians also have gas tax, liquor tax, payroll tax increases to look forward to in the near future as well. The post-Covid societal readjustment is well upon us. Everything just costs more, including your real estate.
