Mayor announces Toronto’s residential tax rate will rise by 5.5%

Canada Global (Web News) Mayor unveil the 2023 budget, Mayor John Tory has announced that Toronto’s residential tax rate will rise by 5.5%.

Tory made the announcement on Tuesday and stated that the increase is less than the 6.6 percent rate of inflation.

“However, I recognise that it is a significant increase and that we are asking people to pay more,” Tory added. “I wish it could be lower because I know that any cost increase at this time is difficult for people to bear.”

Tory stated that, while he wishes it could be lower, the city’s budget faced severe challenges this year, including ongoing COVID-19 pandemic costs of $5.5 billion since it began in 2020.

Tory declared, “I don’t think we can afford to reduce the fire service, the ambulance service, parks, or help for housing.

To solve this gap, he added, “I do not want to suspend or cancel more projects since I know this will have bad implications on our city short term, longer term, and on much needed jobs.”

The city building levy increase of 1.5% was added to the 2.9% property tax rise in Toronto in 2022. The average homeowner’s bill increased by around $140 as a result.

Tory added that a proposed 3% tax hike for water, wastewater, and solid waste is also included in the 2023 budget. He further mentioned the “hotel tax.”

The planned rate increase for commercial properties is 2.75 percent, and the proposed tax increase for industrial properties is 5.5 percent.

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