Mayor John Tory stands firm on low taxes in the face of massive budget shortfall, declining city services
The debate over the City of Toronto’s future is far from settled.
After years of cuts, a public consultation process and lengthy reviews, the City of Toronto has finally unveiled an updated budget proposal – a document of breathtaking scope and ambition.
The draft budget, to be voted on tonight, would increase spending and tax rates, slash services and raise more revenues, while still falling short of Toronto’s goal of balancing its budget.
The debate over the City’s future is far from settled – and that is a good thing.
If a decision was to be made about Toronto’s future, that decision would be made not on a budget – but on the basis of what the people of Toronto want for themselves. – Councillor Shelley Carroll
A good place to start is with a look at the City’s proposed tax rates, which are very low. The new budget is projected to increase property tax rates on residents by about 3.7 per cent over the next four years.
The largest increase is for residential properties in the mid-rise and single family neighbourhoods of Queen and St. Andrew streets where the rate jumps from $1.057 to $1.097.
In Brampton, the rate on single family properties jumps from $1.087 to $1.14.
While rates would be higher in the downtown core, they would remain low elsewhere, especially where residents have to pay a double or a triple to the maximum for a property in the Queen and University Village neighbourhoods.
The new budget projections for residential property taxes, for the 2019-2020 fiscal year, are as follows:
$1.097 – Toronto neighbourhoods of Queen and St. Andrew streets
$1.087 – Brampton neighbourhoods of Woodbine and Queen streets
$1.14 – Brampton neighbourhoods of Woodbine and Queen streets
For commercial property taxes, the proposed rates are a bit lower, but, when the tax is combined with a fee on vacant properties, the revenue is still fairly low.
If approved tonight, the City’s proposed tax rates for commercial properties will be as follows:
City Hall. The budget is just shy of