To meet significant budget pressures, the tabled budget proposes a property tax increase of 5.5 per cent – below the rate of inflation – for residential properties. The increase amounts to an additional $183 for the average assessed value of a Toronto home.
1.5 per cent increase to the City Building Levy is also planned to fund housing and transit needs, an additional $50 for the average assessed value of a Toronto home.
For the average Toronto household using 230 cubic metres of water per year, the water and wastewater consumption 3 per cent rate increase will cost an additional $29 annually (eight cents per day), for a total of $1,009 in 2023.
The three per cent rate increase to the annual solid waste fee for a single-family household will be $8.35 for a small bin (for a total of $286.69), $10.14 for a medium bin (for a total of $348.03), $13.77 for a large bin (for a total of $472.68) and $15.97 for an extra-large bin (for a total of $548.26).