City Council approves 2021 tax supported operating budget, property tax hike
Posted February 18, 2021 12:55 pm.
Last Updated February 19, 2021 7:17 am.
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.
#CityOfTO Council approves 2021 tax-supported budgets. News release: https://t.co/AM55OJ2A24 pic.twitter.com/bLL5ybAESw
— City of Toronto (@cityoftoronto) February 19, 2021
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.
In finalizing this City's 2021 budget today, City Council will confirm our consistent strong message: we need the continued support of the provincial and federal governments in our fight against COVID-19. pic.twitter.com/L3bQiIxlkq
— John Tory (@JohnTory) February 18, 2021
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.
NEW: Toronto City Council votes to increase property taxes by 0.7% for this year. Add in the City Building Levy of 1.5%, and that works out to the average Toronto home owner paying an additional $69 dollars this year. I'll have all the details coming up, on @680NEWS
— Momin Qureshi (@MominYQureshi) February 18, 2021
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.
