The budget focuses on keeping property taxes affordable, preserving service levels and managing COVID-19 recovery and rebuild. The budget includes $66 million in new investments to support building a prosperous Toronto and delivering on key commitments, such as road safety, mobility, and modernization.
The City continues to face significant financial challenges, in the form of both added costs and revenue losses, as a direct result of the COVID-19 pandemic. As the City comes to grips with the financial headwinds of the present, it is important to remember that the most significant challenges may lie ahead as we move out of the pandemic.
Council voted to keep this year’s operating budget to the rate of inflation. There will be a property tax increase of 0.51 percent (0.70 percent increase for residential properties, 0.35 percent increase for commercial properties, and 0.23 percent increase for industrial properties.)
There is no increase for multi-residential or apartment buildings, as per provincial legislation. Including the 1.5 percent City Building Levy for dedicated transit and housing infrastructure funding, the average Toronto household will pay an additional $69 on their municipal property tax bill in 2021.
Residents are encouraged to learn more about the impact of their property tax investment by viewing the reports and presentations available here.
Click here to watch Denzil’s speech at Council regarding the importance of responsible spending.