Toronto city council just approved a tax hike.
Technically, it’s a series of increases to the city building fund, but Toronto homeowners will see it as an add-on to their property tax bill.
Mayor John Tory supported the levy tax, saying it’s the best way to generate the billions of dollars the city needs to pay for public transit and more affordable housing. Here’s what you need to know about the hike:
The change will see property taxes rise by one per cent in 2020 and 2021, and an additional 1.5 per cent annually until 2025.
That means an average homeowner can expect to pay $43 more per year next year.
By 2025, city officials say the average household will contribute $326 per year to the city building fund, in addition to other taxes.
This likely won’t be the only fee going up in 2020.
The city is also expected to hike the rates for water and garbage removal.