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Toronto city staff propose 10.5% property tax hike at part of 2024 budget (www.cbc.ca)

submitted 8 months ago by Okiedokie@lemmy.ca to c/toronto@lemmy.ca

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Toronto staff are recommending a nine per cent hike to the city's residential property tax — the largest single-year increase since amalgamation in 1998 — as they look to fill a nearly $1.8 billion budget shortfall in 2024 and a grim long-term fiscal outlook.

With the recommendation of an additional 1.5 per cent increase to the city building tax, property owners could see their tax bill jump 10.5 per cent this year if the figures go unchanged during five weeks of scheduled budget debates and consultations.

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[–] rbesfe@lemmy.ca 3 points 8 months ago

Anyone who complains about this increase "trickling down to renters" doesn't understand Toronto landlords. They don't need a tax increase to raise rents, they just do it anyways.