Reportedly, property tax increase in Toronto has been reduced to 9.5 percent. Mayor Olivia Chow will present a final budget Thursday that includes property tax increases. The property tax increase announced in the budget is one percent less than previously recommended by city staff. City staff had recommended 10.5 percent. If the property tax hike passes, the average Toronto homeowner will pay about $372 more in property taxes this year.
The 9.5 percent tax hike is the highest since amalgamation. That would beat former mayor John Tory's seven per cent increase last year. Estimates are that the change will result in a loss of approximately $42 million in revenue.