TORONTO - Homeowners in Canada's most populous city could soon face a property tax increase in the double digits as Toronto grapples with a nearly $1.8 billion operating budget shortfall.
A proposed 2024 budget presented today includes a nine per cent property tax increase for residential properties as well as a 1.5 per cent increase to bolster a fund dedicated to building transit and housing.
That would amount to roughly an additional $31 per month for the average Toronto home, or just over $370 more per year, according to the city.
The city says it has found $600 million in savings to help tackle "significant budget pressures" fuelled by growing demand for refugee claimant support and shelter spaces as well as decreased transit revenues.
It says the proposal is also based on an expectation the federal government will provide a full reimbursement of costs related to support for refugee claimants, which it estimates to be $250 million for 2024.
Toronto Coun. Shelley Carroll, who chairs the city's budget committee, says that if Ottawa does not provide that funding, she will have "no choice" but to propose an additional six per cent levy on homeowners to cover those costs.