TORONTO — The City of Toronto has unveiled a proposed 2024 budget that includes a nine-per-cent property tax increase for residential properties and a 10-year capital plan of $49.8 billion.
The tax increase amounts to an increase of $321 annually for the average assessed value of a Toronto home, stated a Jan. 10 release.
“The budget aims to set the city up to achieve financial stability and sustainability through a new multi-year approach,” stated the release.
The Budget Committee will review the tax-supported operating budget of $17 billion and obtain input from residents in coming weeks. Staff heard input from the November 2023 budget consultations and incorporated elements of the City’s Long Term Financial Plan and the Ontario-Toronto New Deal Agreement.
Input can be provided to the Budget Committee in person, online or in writing, and to members of council in writing.
The operating budget contains additional spending of $152 million on new initiatives including shelter and housing, $82 million; transit services and environmental sustainability, $30 million; and community safety, $19 million.
The operating budget includes a base property tax increases of 4.5 per cent for multi-residential properties, 4.5 per cent for commercial properties and nine per cent for industrial properties and includes a 15-per-cent property tax rate reduction for 29,600 small businesses.
The capital budget includes a 1.5-per-cent increase for the City Building Fund levy, dedicated to capital spending on transit and housing. That amounts to an additional $53 for the average assessed value of a Toronto home.
The city expects to have full reimbursement of costs associated with refugee claimant response, currently estimated at $250 million for 2024.
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