Property taxes in Toronto are rising by 1.3% in 2016. As the new budget was passed, the average Toronto household can expect to pay an extra $35 this year in property taxes. This might seem like a drop in the bucket, but it’s additive with the recent gas and energy taxes that have been tacked onto this budget.
This budget passed with a majority vote of 33-9 and also added a 0.6% property tax to fund the Scarborough subway. In total, the average homeowner is looking at an extra $51 in yearly taxes.
Still, these tax revenues will not effectively fund Toronto’s planned projects. In total, Toronto is looking at $20B in projects but will only bring in $70M per year in tax revenues. Other hot topics during the budget debate were the police force, which occupies second place in city expenses, and wage increases through the labor union.
Whether the budget is good for Toronto is for residents to decide. But one thing is for certain: The average homeowner is looking at increased taxes in 2016. In the meantime, consider saving money down the line by upgrading your HVAC appliances to more energy efficient versions.