Toronto's property tax hike drops from 10.5 per cent to 9.5 per cent in 2024

Toronto residents won't face double-digit property tax increases in 2024. Mayor Olivia Chow presented the final budget Thursday, which includes a 9.5 percent property tax increase, one percent less than the 10.5 percent city staff had previously proposed.

If passed, Toronto homeowners will pay approximately $372 more in property taxes this year.

The 9.5 percent tax increase remains the highest ever, and is higher than the seven percent increase that former Mayor John Tory made last year.

Earlier in the week, Chow announced he would scale back a proposed tax increase on multi-unit housing to prevent landlords from passing the cost on to tenants. That should be 3.75 percent or less, according to Chow. The proposed increase in the current multi-family house tax rate is six percent.

According to Mayor Chow, one of the budgets that can be cut is the Toronto Police budget. The mayor wants to cut $12 million from the proposed $1.186 billion police budget, but Police Chief Myron Demkio warned that would pose an unacceptable risk to public safety.

The final budget will go to the City Council on February 14th, and Mayor Chow has announced that he will not use the mayor's strong powers to advance his budget.

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