The City of Toronto is facing a 10.5% tax hike if 2024 budget proposal is approved.
A City of Toronto 2024 budget proposal of a tax hike of 10.5 per cent is not going over well with many South Etobicoke residents.
The budget is seeking a 9 per cent property tax increase and 1.5 per cent increase to the city building fund, which is a levy that supports projects such as transit and housing, bringing the hike to 10.5 per cent.
Another six per cent hike can be added if the federal government does not cough up $250 million to cover the costs of refugee claimants and asylum seekers filling up 4,300 shelter beds nightly.
Another 6% can be added on to 2024 budget for refugee shelter if the federal government does not cough up $250 million.
City budget chief Shelley Carroll said if a federal decision is not made by January 26, she will be forced to bring forward an additional levy of six per cent, making property taxes increase even more.
Carroll said the city is facing a $1.8-billion shortfall in its operating budget “due to years of chronic underinvestment in city services.”
She said staff were able to find over $600 million in cost savings for the 2024 budget.
Mayor Olivia Chow will present the 2024 budget to City Council on February 14 for a vote.
“While everyone is feeling the pinch, again and again, you told us that you still want us to protect the services that you rely on,” Carroll said.
She said TTC fares will remain the same and there will be an increase to the Toronto Police budget.
‘’The tax increase works out to about $30 a month or $1 dollar per day for every household,’’ Carroll told reporters.
The increase will work out to more than $365 yearly in taxes per household.
Mayor Olivia Chow will bring forward the final budget to city council on February 14 for a vote.
Councillor Amber Morley said the City is facing a $1.8 billion shortfall that has to come from somewhere.
Councillor Amber Morley in a statement said Toronto is facing an unprecedented financial shortfall which, if left unaddressed, compromises our ability to deliver services, invest in housing and transit, and build a safe and affordable city for everyone.
“We know that one in 10 people are relying on food banks, that over 80,000 households are on the waitlist for affordable housing, and hundreds are turned away from our shelter system each night,” Morley said.
She said Torontonians pay some of the lowest property taxes in the province and GTA, including Hamilton and Ottawa.
‘’We’ve worked hard with City staff to find efficiencies in the City Budget, while protecting and investing in your priorities,” Morley wrote.
Ottawa has to cough up $250 million for refugee shelter care which takes up 4,300 beds nightly.
There will be two sessions for the public to provide input into the budget process on January 23. The first session is from 1:30 p.m. to 4:30 p.m. and from 6 p.m. to 9 p.m.
The hybrid meetings will be held in the Etobicoke Civic Centre Council Chamber, at 399 The West Mall and online (WebEx).
To register to speak e-mail buc@toronto.ca or call 416-392-4666. You will have to choose a preferred time slot and register by 4:30 p.m., on January 19.
Registered speakers will be provided with instructions about how to join the meeting.
Reaction to the budget increase was quick and mixed on social media.
“No government should be allowed to increase taxes to this degree in one shot. It’s obscene,” one person wrote.
“So we pay more while feeling unsafe and being attacked in our own city. Awesome,” one user on X wrote.