Mayor Olivia Chow’s new budget includes 6.9% property tax hike
In a first look at the City of Toronto’s 2025 budget, Mayor Olivia Chow is proposing a property tax increase of 6.9 per cent, costing homeowners hundreds of dollars more this year.
This was shared on Monday at a City Hall press conference marking the start of the annual budget process.
City staff say this year’s increase to residential taxes would allow for critical investments to be made in transit, housing, libraries and other services.
Meanwhile, The Canadian Taxpayers Federation are looking to city councillors to reject Mayor Chow’s proposal, saying this tax increase is one “cash-strapped families” can ill afford.
Mayor Chow will have the opportunity to hear the public’s input and make changes to the proposed budget in the coming weeks.
It will be presented to the council on Feb. 11.
