Toronto could see a double-digit tax increase. Here’s how much property taxes are set to increase across the GTA

Toronto homeowners may see a double-digit property tax increase this year, but how does that compare to the rest of the Greater Toronto Area?

On Wednesday, city staff released the first budget proposal for Mayor Olivia Chow’s term, which includes a 10.5 percent property tax increase, one of the largest the city has seen in the last years. This rate includes a nine percent increase in property tax plus a 1.5 percent increase to the city’s building fund.

According to Budget Chief Shelly Carroll, this means the average Toronto household could see an annual tax increase of almost $360.

So how does that compare to other GTA cities?

YORK REGION

In its approved budget for 2024, York Region included a 2.75 percent tax increase. and a one percent rapid infrastructure tax. According to the region in a statement, this will add about $105 to residential property bills on average annually.

Vaughan It’s also looking at a three percent property tax increase by 2024, which the city says adds an additional $4.55 on average monthly property.

as for richmond hillA 4.7 percent tax increase was approved, meaning those living in a single-family home averaging around $1.15 million will see an increase of $7.94 per month.

Markham has not yet announced its 2024 property taxes; However, Mayor Frank Scarpitti is expected to present his budget at a special council meeting on January 29. Lowest property tax rate in Southern Ontario in 2023according to a report by Zoocasa.

PEELING REGION

By 2024, Peel Region approved a 4.5 percent property tax increase, meaning the average residence will shell out $245 this year. Meanwhile, commercial and industrial buildings in the area will see $432 on their property tax bills.

According bramptonUnder the approved budget, the city is seeing the lowest tax increase in the Greater Toronto Area, hovering around 1.9 per cent – ​​a total of $118 for an average home valued at $542,000.

In MississaugaHomeowners will see a 2.34 percent increase in the municipal portion of their residential tax bills.

HALTON REGION

In Halton Region Budget 2024, approved a 3.4 percent property tax increase for regional services and a 7.7 percent increase for Halton Regional Police. Thus, in total, the increase in regional property tax is 5.1 percent.

For burlingtonthe city’s share of the overall tax increase this year is just under five percent.

as for Oakville, the city adopted a 5.86 percent tax increase, resulting in a 4.38 percent property tax increase, when combined with regional and educational taxes. This reflects an increase of $33.34 per $100,000 of dues.

Those who live in Milton expected to see property taxes rise by 5.93 percent, when combined with regional and educational taxes. However, if looked at separately, the city’s share is increasing by 9.88 percent.

DURHAM REGION

Durham Region approved a 2.5 percent increase for Durham Regional Police Services and a five percent increase for all other regional programs.

“With the Region accounting for an average of 52 percent of Durham residents’ total property tax bill, the approved 7.5 percent guideline translates to an approximate 2.9 percent increase in the total property tax bill,” the region said in a statement. Adding this would generate an annual increase of approximately $231.

Oshawa adopted a 3.89 percent for the city’s tax collection, which represents an increase of about $82.25 in the average residential tax bill by 2024. But for the total tax bill, Oshawa’s share is increasing by 2.84 percent.

Meanwhile, Whitby proposes a 5 percent budget increase, which could mean a 1.8 percent increase in the tax bill.

With files from Joshua Freeman of CP24


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