Toronto’s proposed 2025 budget includes 6.9 per cent increase to property taxes

The City of Toronto has unveiled its proposed budget for 2025, which includes a 6.9% increase in property taxes. This adjustment is part of an $18.8 billion operating budget aimed at enhancing various city services and infrastructure.

For residential property owners, the proposal outlines a 5.4% tax hike. This means that an average homeowner would pay approximately $210 more annually. Additionally, the budget suggests a 1.5% increase in building levy fees, adding about $58 to the yearly expenses for homeowners.

The increased revenue from these taxes is intended to support several key initiatives. These include funding school food programs, improving transit services, and enhancing emergency services across the city. City officials believe that these investments are crucial for maintaining and improving the quality of life for Toronto residents.

However, the proposed tax increase has sparked discussions among residents and stakeholders. Some community members express concern about the additional financial burden, especially in the context of rising living costs. Others acknowledge the necessity of the investments but urge the city to ensure transparency and efficiency in budget allocation.

City Council is expected to review and debate the proposed budget in the coming weeks. Public consultations have been scheduled to gather input from residents, allowing them to voice their opinions and suggestions regarding the fiscal plan. The final decision on the budget will significantly impact Toronto's financial landscape and service delivery in 2025.

Residents are encouraged to participate in the consultation process to ensure their perspectives are considered. Details about the budget and opportunities for public engagement are available on the City of Toronto's official website. Active community involvement is essential in shaping a budget that reflects the needs and priorities of all Torontonians.