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City Council approves 2021 tax supported operating budget, property tax hike

Last Updated Feb 19, 2021 at 7:17 am EDT

Mayor John Tory speaks to the media at Toronto's City Hall on May 13, 2019. CITYNEWS

Toronto City Council has approved a 2021 tax supported operating budget of just over $12 billion.

The city says the budget will preserve existing services within public health guidelines while managing the impacts of the pandemic by focusing on keeping property taxes affordable and pandemic recovery.

The operating budget includes $1.6 billion in funding the federal government and the province to address the impacts of COVID-19.

During the final debate Thursday evening, the council approved investing in invasive species management, lower renewal fees for taxis, TTC, and Toronto community housing repairs.

The spending plan includes $66 million in new investments.

 

The city also approved the lowest base property tax for homeowners in the last eight years, a tax hike of 0.7% on most properties for 2021.

For the average home-owner, this means they’ll be paying an increase of $69 per year.

 

This includes the tax used for the City Building Fund, which was already set at 1.5%. The City Building Fund is used to build priority transit and housing capital projects. This particular fund is set to raise an estimated total of $49,826,401, according to city council.

City Council also says this new property tax is set to bring in $4,621,345,185 for the city. Mayor Tory says the property tax needs to be raised due to the pandemic.

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