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Toronto Property Taxes expected to rise 3.75% in 2008 Budget

Property taxes for homeowners are expected to rise 3.75% in Toronto's 2008 budget.

What does that mean for the average homeowner?

A residential property tax rise of 3.75 per cent, or an extra $87.99 on the bill for an average Toronto home valued at $365,468. That would push the average home's total tax bill to $2,240.03 - not including the provincially set education portion, which last year was $964.84 on a home of that value. The proposed increase for non-residential property owners is 1.25 per cent, part of an effort to lighten the tax load on business.

Members of the public can learn more about the budget by visiting the city’s website, www.toronto.ca. City council’s budget committee will begin its review of the operating budget on Feb. 4, and members of the public can have their say at a meeting on Feb. 5.

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Posted: Friday, February 01, 2008 1:14 AM by Sutton Realty

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