Toronto Mayor Olivia Chow unveiled her 2025 budget proposal, which includes a 6.9% increase in residential property taxes. While aiming to support the city's operations and infrastructure, Chow also emphasized efforts to mitigate the impact on residents through expanded property tax relief programs.
Toronto Mayor Olivia Chow unveiled her 2025 budget proposal on Thursday, revealing a 6.9% residential property tax increase. This increase, aligned with the previous administration's approach, consists of a 5.4% allocation for the City's operating budget and a 1.5% building levy dedicated to crucial infrastructure projects. Chow emphasized her commitment to mitigating the impact of the tax hike on residents by expanding property tax relief programs.
Specifically, she announced a 5% increase in the income threshold for seniors and persons with disabilities, raising it to $60,000 for property tax deferral and cancellation programs. This adjustment will extend eligibility to thousands more individuals. Additionally, the home value threshold for the property tax cancellation program will remain at $975,000. The mayor also highlighted the expansion of water and solid waste rebate programs, making them more accessible to eligible residents. The 6.9% increase, if approved, will result in an additional $210 annually for the average Toronto homeowner, representing approximately $17.50 per month. The budget also proposes a 2.7% increase for multi-residential properties, 2.7% for commercial properties, and 5.4% for industrial properties. Notably, the total multi-residential tax rate will remain below the provincial threshold that triggers above-guideline rent increases, aiming to alleviate the burden on renters. Toronto City Council will convene on February 11 to deliberate on the proposed property tax hike and the comprehensive 2025 budget
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