Toronto's 2024 budget may include double-digit tax hike
City spending plan to be released Wednesday would raise property taxes by more than 10 per cent.
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City spending plan to be released Wednesday would raise property taxes by more than 10 per cent.
Mayor Olivia Chow and her allies have been signaling for months that a serious property tax increase is coming, and city residents will get their first sense of what the numbers will look like today when Toronto’s budget process launches.
City of Toronto's budget chief announced the 2024 budget unveiled Wednesday includes a 9% property tax increase and a 1.5% increase in the city building levy.
Toronto is proposing a whopping 10.5 per cent increase in property taxes this year as it is facing a nearly $1.8 billion deficit.
Tax increase could be high as 16.5% if Ottawa doesn't provide more shelter funding, city warns