Canada Global(Web News) Toronto residents will not face a double-digit increase in property taxes in 2024.
According to reports, Mayor Olivia Chao will present the final budget on Thursday. It has decided to keep the 10·5 percent property tax to 9·5 percent as recommended by city staff. If the measure passes, the average Toronto homeowner will pay an estimated $372 more in property taxes this year.
Even so, the city will lose $42 million in revenue. It is not yet clear whether the city will make further cuts to cover the deficit. The City currently faces a budget deficit of $1·8 billion. Mayor Chow has also hinted at cuts to the Toronto Police budget. The mayor wants to cut $12 million from the proposed $1.186 billion police budget. But Police Chief Myron Damke says it could pose a threat to public safety.
