Toronto Approves 6.9% Property Tax Hike in 2025 Budget
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Toronto's city council passed a 6.9% residential property tax hike as part of its 2025 budget, which includes an $18.8-billion operating budget and a $59.6-billion capital plan. The increase consists of a 5.4% rise for operating expenses and a 1.5% levy for infrastructure projects. This translates to about $210 more annually for the average homeowner.
Despite opposition, including a motion to reduce the increase by withdrawing funds from the Tax Rate Stabilization Reserve, the tax hike was approved by a significant majority. This follows the previous year’s large tax increase of 9.5%.
The budget also includes investments in housing, such as funds for eviction prevention, tenant support services, and a new renoviction bylaw. However, a motion to offer tax relief for businesses impacted by U.S. tariffs was voted down by council.
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