Mayor John Tory has announced that Toronto’s residential tax rate will rise by 5.5 per cent, as the mayor continues to unveil the 2023 budget.
Tory made the announcement on Tuesday and said the property tax increase is below the rate of inflation of 6.6 per cent.
“But I recognize it is nonetheless a significant increase and that we’re asking people to pay more,” Tory continued. “I wish it could be lower because I know any cost increase right now is hard for people to bare.”
Tory said although he wishes it could be lower, the city’s budget faced severe issues this year, including ongoing COVID-19 pandemic costs which have cost the city $5.5 billion since it began in 2020.
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