Toronto Homeowners Could See a Double-Digit Property Tax Hike as City Tries to Close $1.8B Budget Gap

Toronto Budget Chief Shelley Carroll announced a potential property tax increase of 10.5 percent as part of the first proposed budget of Mayor Olivia Chow’s tenure on Jan. 10. That’s a nine percent hike combined with 1.5 percent toward the city building fund, for a 10.5 percent total. The city says it may impose another 6 percent hike, a “federal impact levy,” if the federal government doesn’t provide Toronto with $250 million toward refugee housing. That would raise costs for homeowners a total 16.5 percent. Ms. Carroll told reporters on Jan. 10 this ultimatum is the best way to get the federal funds. She said it’s not so much a “threat” as “an invitation to come to the table.”...