City of Toronto Plans to Increase 2022 Residential Property Tax by 2.9 per Cent, Seeks Public Input

The city of Toronto is planning to increase various taxes including a 2.9 per cent property tax increase for residential properties to support the city’s 2022 staff-recommended operating and capital budgets.

The Toronto City Council will finalize the budget after it is reviewed and debated and approved by Budget and Executive Committees.

These are the highlights of the 2022 staff-recommended operating budget:

The total 2022 staff-recommended operating budget is $14.99 billion, including the $1.96 billion rate-supported operating budgets approved by City Council on December 15, 2021.
The operating budget contains $1.4 billion in necessary relief funding that requires the continued support of both the Ontario Government and the Government of Canada to address the impacts of COVID-19.
Total staff-recommended tax-supported 10-year capital plan is $46.58 billion which includes funding for strategic areas such as mobility, housing, modernization and climate action. This includes the $16.05 billion rate-supported capital budgets approved by City Council on December 15, 2021.
The budget proposes an overall average budgetary increase of 2.11 per cent.
This equates to a 2.9 per cent property tax increase for residential properties – an additional $93 for the average Toronto household, a 1.45 per cent increase for commercial properties and a 0.97 per cent increase for industrial properties.
There will be no increase for multi-residential or apartment buildings, as per provincial legislation.
The budget includes the City Council-approved 15 per cent property tax rate reduction for small businesses.
The budget includes an incremental 1.5 per cent increase to the City Building levy consistent with the City’s planned and approved capital funding strategy – an additional $48 for the average Toronto household.

The city of Toronto residents can weigh in on the staff-recommended budgets with the Budget Committee by registering to speak at its meetings on January 24 and 25, or by submitting written comments by email or mail.

Those who are interested are asked to register by 4:30 p.m. on January 21.