Property tax in Toronto should only increase in line with inflation in 2020 if the staff-recommended budget for the city is approved.
The tax-supported operating and capital budgets for 2020 will be reviewed and debated by Budget and Executive Committees before being finalized and approved by City Council at its meeting on February 19.
The tax-supported operating budget of $11.59 billion aims to preserve existing services and investing in key Council priorities without inflation-busting property tax hikes.
“We’re continuing to manage the budget in a financially prudent and responsible way that addresses achievability and affordability, while keeping property tax increases to the rate of inflation and preserving existing services,” commented Budget Chief Gary Crawford. “This budget allows City staff to continue delivering more than 150 City services every day that help our people, neighbourhoods and businesses thrive.”
With the City of Toronto facing several challenges and population growth, the budget includes new investments to address key commitments, such as road safety, climate change, public safety, affordable housing, transit, and poverty reduction.
“With $67 million in new or enhanced investments, this staff-proposed budget does make important investments in key areas that I know our residents want us to invest in including community safety, transit, affordable housing, and the environment,” said Mayor John Tory.
If you are looking for a property in Toronto but want to evaluate your income and future expenses before buying, contact me and I will advise you in the process.