Toronto's 2024 Property Tax Hike: What You Need to Know
Budget Chief - Shelley Carroll
Toronto homeowners are set to face a substantial 10.5% property tax increase in 2024, one of the largest increases in recent years. Budget Chief Shelley Carroll unveiled the plan, featuring a 9% property tax hike and an additional 1.5% for the City Building Fund.
As a result, the average household is expected to bear an extra $30 per month. This significant adjustment is driven by a $1.8 billion shortfall in covering city services due to historical underinvestment.
The 2024 budget prioritizes crucial areas such as transit, housing, and community safety, aligning with the feedback of over 10,000 Toronto residents from discussions in November 2023.
Data Chart from BudgetTO
Efforts to alleviate the impact include cost-cutting measures, identifying $600 million in savings. Additionally, a positive development is the "New Deal" between the provincial government and Mayor Olivia Chow, securing nearly $400 million in operating funds for 2024.
This budget announcement marks the beginning of a series of events allowing Toronto residents to express their opinions through presentations, town halls, and more. The decision is set for February when the city council votes on the budget.
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