Toronto property tax increase reduced to 9.5 per cent in 2024

Toronto residents can expect a property tax hike of 9.5 per cent in 2024, The Leader Spirit has learned.

The figure is one per cent less than the 10.5 per cent city staff had previously recommended, meaning the average Toronto homeowner will pay approximately $372 extra in property tax this year.

The change will result in about $42 million in lost revenue and it’s uncertain where that money will come from or if further cuts will be necessary to make up the deficit.

The city was already facing a budget deficit of nearly $1.8 billion.

Mayor Chow indicated one of the areas where there could be significant savings is the Toronto police budget. The mayor wants to cut $12 million from the proposed $1.186 billion police budget but police chief Myron Demkiw has warned that would create an “unacceptable risk” to public safety.

Earlier in the week, Mayor Olivia Chow announced she would be reducing the proposed tax increase for multi-residential properties in order to keep landlords from passing the cost onto renters. Chow said that amount would need to be 3.75 per cent or less. The current proposed multi-residential tax rate increase is six per cent – 4.5 per cent in property taxes and a 1.5 per cent increase to the City Building Fund.

Mayor Chow will present the final budget on Thursday morning at 10:30 a.m. at the Scarborough Centre TTC Station. The budget will go before city council on Feb. 14.