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 proposed budget of Mayor Olivia Chow’s tenure, which includes a 10.5 per cent property tax increase – one of the largest the city has seen in recent years. This rate includes a nine per cent property tax increase plus a 1.5 per cent bump to the city building fund.
According to the Budget Chief Shelly Carroll, this means the average household in Toronto could see a nearly $360 annual tax increase.
So, how does that compare to other cities in the GTA?
In its approved budget for 2024, York Region included a 2.75 per cent tax levy increase and a one per cent Rapid Infrastructure levy. According to the region in a release, this will add about $105 to residential property bills on average annually.
Vaughan is also seeing a three per cent property tax levy increase for 2024, which the city says adds up to an extra $4.55 on the average property monthly.
As for Richmond Hill, a 4.7 per cent tax increase was approved, meaning those living in a detached home at an average of around $1.15 million are set to see a hike of $7.94 monthly.
Markham has yet to announce its property taxes for 2024, however, Mayor Frank Scarpitti is expected to present his budget to a special council meeting on Jan. 29. The city had the lowest property tax rate in southern Ontario in 2023, according to a Zoocasa report.
For 2024, Peel Region approved a 4.5 per cent property tax increase, which means 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 to Brampton’s approved budget, the city is seeing the lowest tax increase in the Greater Toronto Area, hovering at 1.9 per cent – a total of $118 for an average home assessed at $542,000.
In Mississauga, property owners will see a 2.34 per cent increase on the municipal portion of their residential tax bills.
In Halton Region’s 2024 budget, it approved a 3.4 per cent property tax increase for regional services and a 7.7 percent increase for Halton Regional Police. So, overall, the regional property tax increase is 5.1 per cent.
For Burlington, the city’s portion of the overall tax increase this year is just under five per cent.
As for Oakville, the town adopted a 5.86 per cent increase to the tax levy, resulting in a property tax increase of 4.38 per cent, when combined with both regional and educational tax levies. This reflects an increase of $33.34 for every $100,000 of assessment.
Those living in Milton are expected to see property taxes rise by 5.93 per cent, when combined with regional and educational tax levies. However, if viewed separately, the town’s portion is increasing by 9.88 per cent.
Durham Region approved a 2.5 per cent increase for Durham Regional Police Services and a five per cent increase for all other regional programs.
“As the Region accounts for 52 per cent of Durham residents’ total property tax bill on average, the approved guideline of 7.5 per cent translates to an approximate 2.9 per cent increase in the overall property tax bill,” the region said in a release, adding this would bring on a roughly $231 annual increase.
Oshawa adopted a 3.89 per cent to the city’s tax levy, representing an approximately $82.25 increase to the average residential tax bill for 2024. But for the total tax bill, Oshawa’s portion is increasing by 2.84 per cent.
Meanwhile, Whitby is proposing a five per cent budget increase which could bring on a 1.8 per cent tax bill increase.
With files from CP24’s Joshua Freeman
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