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Toronto property taxes set to increase by 5.5 per cent in 2023

Toronto property taxes set to increase by 5.5 per cent in 2023


Today is the day that many people look to to get more information on their property tax bill it is budget day here at City Hall and whether you’re a homeowner you’re renting or a business owner it’s bound to affect your bottom line today it was all about a property tax increase that is the largest it’s been in decades all while some city.

Services are at risk I recognize it is nonetheless a significant increase in that we’re asking people to pay more I wish it could be lower because I know that any increased cost right now is hard for people to Bear a five point 0.5 percent residential property tax increase is the initial cost Mayor John Tory is asking Toronto residents to Bear.

Below what’s considered to be a 6.6 percent rate of inflation but add that to a 1.5 percent increase to the levy for the city building fund and the total hits seven percent increase as part of this year’s City budget all that adds up to at least an extra 233 dollars for the average homeowner in 2023. at the end of the day I have to be responsible in in.

Achieving an appropriate balance between serving people and and making sure we don’t make the burden too high on them and you know keeping taxes reasonable and generally prudently running the Affairs of the city Tory points at the increase in spending for emergency services like police and paramedics in addition to the budget for housing and.

The TTC fueling the need for more funding all while trying to erase what the city now says is a 1.56 billion dollar shortfall over a couple of years based on covid-19 expenses it just assumes that billions of dollars are going to fall out of the sky from other governments to fix our problems and if they don’t we are in very very serious.

Trouble that’s the Top Line message I think we just have to be honest with people and let people know the state of the city finances and just have an honest discussion in terms of what type of city are we going to build with the balance sheets that we have efforts to get the province and federal government to fill the budget Gap have actually.

Fallen short to this point and yet the funding is already being accounted for City officials say if there’s a need to find money elsewhere it could amount to Capital infrastructure projects being put on the back burner and piling up we can already see the deterioration in the shabby state in the Parks the library is being closed on Sundays the bathroom’s.

Being closed the streets being full of potholes we can see it everywhere and we’re on track to make it very much worse over the next decade that so that gives me a concern the importance of this city to the provincial and National economy and the importance of the city in and of itself being healthy and able to recover strongly was requiring of.

Support from the governments that collect income taxes sales taxes corporate taxes with grow which the economy it’s not lost on me that those two governments are both running a surplus at the moment we’re not on top of all that a three percent increase on your water bill another three percent on your waste bill as well now Tori does.

Have the opportunity to push this budget through given his new strong mayor Powers but he does say he plans on listening to counselors and to the public for any suggestions they may have over the next few weeks the final approval comes on February 14th Mark McAllister City news

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