Sunday, February 9, 2025
HomeCANADAMayor Olivia Chow unveils 2025 Toronto budget featuring 6.9% property tax increase

Mayor Olivia Chow unveils 2025 Toronto budget featuring 6.9% property tax increase

Jan 13th: Toronto’s proposed 2025 budget includes a 6.9% property tax increase, a move Mayor Olivia Chow says is vital for key investments in areas like libraries, police, transit, housing, and other essential services.

Speaking at City Hall alongside Budget Chief Shelley Carroll, Chow emphasized that the budget is designed to bring positive changes to residents’ lives by building a “more affordable, caring, and safer city where everyone feels they belong.”

The tax increase consists of a 5.4% hike in residential property tax to support Toronto’s $18.8 billion operating budget and an additional 1.5% for the City Building Fund, focused on transit and housing projects. For an average home assessed at $692,000, this means an extra $268.37 per year in property taxes.

Carroll pointed out that Toronto is still dealing with the effects of years of underinvestment, which have made it harder to tackle today’s challenges. However, she highlighted progress in addressing the city’s financial struggles, noting that the budget shortfall was reduced to $1.2 billion from $1.8 billion in 2024.

This year’s proposed property tax hike is less than the 9.5% increase introduced by Chow in 2024 and lower than the 7% record hike approved under former Mayor John Tory in 2023.

The budget is still in its preliminary stage. Over the next two weeks, it will be reviewed by committees and opened for public consultation. Mayor Chow will formally present the final version by February 1, and council will vote on it on February 11.

RELATED ARTICLES

2 COMMENTS

- Advertisment -
Google search engine

Most Popular