City to Hit Homeowners with Another Hefty Tax Hike

Toronto homeowners could see their property taxes rise by 5.4% in 2025.

Although less than 2024’s hike — a whopping 8% — when combined with the 1.5% city building levy, it amounts to a nearly 7% increase this year.

The levy is designed to help fund critical infrastructure projects.

For the average home with an assessed value of approximately $690,000, this would amount to paying just shy of $270 in 2025.

The increase is in addition to the 3.75% spike to water and garbage fees that came into effect Jan. 1.

Mayor Olivia Chow will have an opportunity to make changes to the city staff recommended tax increase, to be presented Feb. 1.

Last year, she revised a staff proposal to increase property taxes by 9%, shaving off 1%.