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Torontonians Face Double-Digit Property Tax Increase

Torontonians Face Double-Digit Property Tax Increase

Toronto homeowners should prepare to see a huge jump in their 2024 property tax bill, if city council approves the proposed 10.5% increase in February.

For the average home, this would amount to paying an additional $300 a year.

The budget chief has warned the rate could climb as high as 16.5%, without funding from the federal government to care for refugees and asylum seekers.

The money is needed to combat a massive budget shortfall, protect core services and invest in transit, shelters and community safety, says the City.

This year’s residential tax hike is almost double that of 2023, when property taxes increased 5.5%. In 2022 and 2021, property taxes increased 2.9% and 0.7%, respectively.

Higher property taxes aren’t the only monetary pressures Toronto residents will face in 2024. Water and garbage rates went up 3% on Jan. 1, and another increase is expected this year.