Toronto Faces 10.5% Property Tax Hike in 2024 as Budget Chief Urges Fiscal Responsibility

Toronto’s property taxes are poised to surge by 10.5 percent this year, as indicated by budget chief Shelley Carroll. Emphasizing the fiscal strain, Carroll highlighted a nine percent uptick in property taxes and a 1.5 percent increase in the City Building Fund, earmarked for capital projects. This financial adjustment stems from a $1.8 billion deficit resulting from persistent underspending in city services.

Expressing urgency, Carroll insisted, “I feel strongly that we cannot keep kicking that can down the road. We need to get our city back on track.” The budget for 2024 in Toronto is scheduled for presentation to the budget committee on Wednesday.

Carroll estimated that the average household would incur an additional $30 per month. However, she outlined efforts to identify over $600 million in cost savings alongside the City’s Chief Financial Officer. She credited the New Deal with the province and Mayor Olivia Chow, securing $400 million in operating funding.

The staff-prepared budget entails investments in transit, housing, and community initiatives, an augmented police budget, expansion of the Toronto Community Crisis Service, and a TTC fare freeze. Carroll underscored the ongoing need for $250 million from the Federal government to support refugees in Toronto’s shelter system, stating, “We’re doing all we can to house over 5,000 refugees and asylum seekers, but this is truly a federal responsibility.”

If the Federal government fails to provide the necessary funding, the City may resort to a six percent Federal Impacts Levy. Carroll expressed concern about the potential impact on Torontonians, noting, “That would be the federal policy taking a direct hit on Torontonian pocketbooks, but it would be the only way we could avoid once again seeing those heartbreaking images of those people camped out on the street.”

She disclosed that the government has until Jan. 26 to decide before the additional levy is implemented, expressing optimism that the Trudeau Government will act promptly. The budget launch on Wednesday initiates the process, allowing opportunities for public feedback, including telephone town halls with Mayor Chow. The final budget is slated for city council approval on Feb. 1, 2024.

Parvasi Media Group