Done deal: City of Toronto's 2.75-per-cent property tax increase

Toronto City council yesterday approved a residential property tax increase of 2.75 per cent. The increase, which includes a previously-approved 0.5-per-cent levy to pay for the Scarborough subway, is equivalent to an annual increase of $83 for the average household.In his first budget, Mayor John Tory said the goal of the budget is to deliver service improvements in areas such as transit, poverty reduction and public safety.“Toronto’s 2015 budget is focused on getting Toronto moving, putting families first and keeping taxes low,” Tory said in presenting the budget in January. “This budget is about investing in better transit, better housing, more jobs and an end to the gridlock that is choking our streets – all while maintaining property taxes below the rate of inflation.”The 2015 Staff Recommended Capital Budget and Plan is $31.7 billion and includes $1.6 billion in new capital investments to maintain the city’s transportation network, public transit and shelter, support and housing. The capital budget and plan continues to fund the two largest transit investments, the Toronto-York Spadina Subway Extension and the Scarborough Subway Extension.Even with the proposed increase, residential property taxes in Toronto are the lowest among large urban centres in Ontario, the City says.Related reading:Jennifer Keesmaat, chief planner, City of Toronto, talks life and real estate Toronto homeowners, prepare for an increase in property taxes