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Toronto can expect a property tax increase as soon as next year

Simone Gavros | posted Thursday, Dec 12th, 2019

Mayor John Tory’s proposed plan to increase property taxes to fund transit and housing has been approved by the mayor’s executive committee. With Toronto’s population on the rise, transit and housing have become a top priority for the city.

The final step of approval before this tax increase comes into effect will be on Dec. 17.

The proposal that was presented early this month suggests extending the City Building Levy, which is currently at 0.5 per cent. What does this mean for the people of Toronto? The property tax will increase by about 10 percent over the next six years beginning with an increase of one per cent in 2020 and 2021. Property taxes will then increase by 1.5 per cent annually until 2025.

The overall increase is expected to cost the average household $43 annually.

The mayor plans to raise the $6.6 billion needed to improve various aspects of transit from new subway cars to signal upgrades. He assures it will also help fund 40,000 affordable housing units within the next 10 years.

A tax increase is the last thing people want, but Mayor John Tory stresses that this is the right thing to do for the city at this time and is imperative for its prosperity.

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