The first draft of Toronto’s 2025 budget, unveiled last week, proposes a property tax increase of 6.9 per cent, which would add approximately $268 to the annual bill of the average Toronto homeowner.
This year’s proposed hike consists of a 5.4 per cent increase in residential property taxes combined with a 1.5 per cent contribution to the city building fund. While significant, the increase is notably lower than last year’s record-breaking 9.5 per cent rise. Toronto Davenport City Councillor Alejandra Bravo has weighed in on the budget, offering her perspective on its implications for the city and its residents.
