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Toronto Residents Face Increased Fees In 2023

Toronto Residents Face Increased Fees in 2023

Toronto city council has approved the highest property tax increase for homeowners since the city’s six boroughs amalgamated in 1998.

The 5.5% residential tax hike will amount to an additional $183 for the average Toronto household, says the City. However, when combined with a previously approved 1.5% hike to the city building levy, which helps fund transit and affordable housing, homeowners will see their bills increase by 7% in 2023. This equates to an extra $233, not $183, this year.

These dollar amounts are based on the average home in Toronto with an assessed value of approximately $695,000. Homes with higher assessed values will pay more.

This year’s residential tax hike is almost double that of 2022, when property taxes increased 2.9%. In 2021, property taxes increased by 0.7%.

Higher property taxes aren’t the only elevated costs Toronto residents will face. Water and garbage rates are going up, too. City council has green-lighted a 3% tax increase to these services. The average household that consumes 230 cubic metres of water a year will pay an extra $29 or more, while garbage fees will rise between $8 and $16, depending on the size of the bin.