Toronto: As part of Toronto’s 2023 budget, a property tax increase has been proposed by Mayor John Tory.
Speaking to reporters at City Hall on Tuesday, Tory revealed that a 5.5 percent increase in property tax is proposed as part of the proposed operating budget of $16·6 billion.
“We are appealing to the people to pay higher taxes. This is lower than Toronto’s current inflation rate of 6.6 percent, but the increase is still justified,” he said.
Tory said that he had promised to keep the property tax below the inflation rate and he stood by it, but the increase in inflation is forcing the him to increase taxes in this way.
The increase is seven percent, including the city’s 1.5 percent building tax, and the new tax increase will force Toronto’s average home to pay an additional $233 a year.
The Tory is also offering a three per cent increase for water, wastewater and solid waste, an increase of $34 to $45 per year for average households.
Along with this, in the new budget announced by TTC for 2023, it has been announced to increase the fare by 10 cents and cut some services. Meanwhile, the Toronto Police Board has also unanimously approved a $50 million increase in the police force’s budget. It was approved despite objections from critics.