Toronto City Council Approved Increase in Property Taxes by 0.7%
Date: 26, February 2021Category : Real Estate News
On Thursday, February 18th, the Toronto City Council approved to increase property taxes by 0.7%. The increase is termed as the lowest increase in Mayor John Tory's tenure.
According to Momin Qureshi, a reporter at 680News says:
Toronto City Council votes to increase property taxes by 0.7% for this year. Add in the City Building Levy of 1.5%, and that works out to the average Toronto homeowner paying an additional $69 this year.
According to the City Staff, this increase in property taxes would increase the local municipal general tax levy for 2021 and bring in new funds of $4,621,345,185.
According to an estimation, the new raise in taxes would burden an additional amount of $69 for an average home price valued at $698,801. This tax increase is relatively lower compared to the tax revisions of 2020.
Meanwhile, Mayor Tory, in his tweet, marked the year as challenging for the city due to the pandemic. In his tweet, the Mayor said:
It is further stated that this year the city witnessed a shortfall of $2.2 billion, as reported by the City staff. Though, part of the shortfall was recovered with a savings of $573 million, including increased taxes and fees from several sources.