Toronto City Council Approved Increase in Property Taxes by 0.7%

Date: 26, February 2021
Category : Real Estate News
Toronto City Council Approved Increase in Property Taxes by 0.7%

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:

Author Bio

Author Name :
Jessica Watson
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Jessica is a professional content marketer and blogger, working with Bungalow Finder. She writes on topics, including home improvement, real estate trends, tips for buyers and sellers, and more.