After months of preparation, the 2022 Budget was passed by Council on February 17. Highlights from this year’s budget include plans to:
- Continue to deliver essential and responsive City services during the pandemic
- Accelerate transformational work to deliver affordable and supportive housing
- Add 62 frontline paramedics as part of the Council-approved Toronto Paramedic Services Multi-Year Staffing and Systems Plan
- Invest in transit to keep Toronto moving – including a TTC fare freeze and a plan to restore TTC service to pre-pandemic levels.
- Implement long-term care reform initiatives and expand the Seniors Services Unit to continue providing the highest quality care
- Expand sidewalk clearing across the City.
Council approved a 2.9 per cent property tax increase for residential properties – an additional $93 for the average Toronto household, a 1.45 per cent increase for commercial properties and a 0.97 per cent increase for industrial properties. There will be no increase for multi-residential or apartment buildings, as per provincial legislation. The budget also includes a 15 per cent property tax rate reduction for small businesses. This reduction will help approximately 25,000 small businesses across Toronto.
Staff say that the combined 4.4 per cent tax increase will cost the owner of an average home assessed at $697,185 an additional $141 in 2022.
In addition, the budget includes an incremental 1.5 per cent increase to the City Building Levy consistent with the City’s planned and approved capital funding strategy – an additional $48 for the average Toronto household. This dedicated levy, approved by Council in 2017, funds major transit and housing investments.
To watch the budget discussion at Council, click here.
For more information on the budget, visit the City website.