To meet significant budget pressures, the tabled budget proposes a property tax increase of 9 percent for residential properties and 4.5 percent for multi-residential properties. The increase amounts to an additional $374 for the average assessed value of a Toronto home.
A 1.5 percent 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 percent rate increase will cost an additional $30 annually (eight cents per day), for a total of $1,039 in 2024.
The three percent rate increase to the annual solid waste fee for a single-family household will be $8.60 for a small bin (for a total of $295.29), $10.44 for a medium bin (for a total of $358.47), $14.18 for a large bin (for a total of $486.86) and $16.45 for an extra-large bin (for a total of $564.71).
