Item - 2020.BU14.1

Tracking Status

This item was considered by Budget Committee on January 15, 16 and 17, 2020. The Budget Committee postponed consideration of this item. Consult the text of the decision for further information on the deferral.

BU14.1 - 2020 Property Tax Rates and Related Matters

Decision Type:: ACTION

Status:: Deferred

Wards:: All

Committee Decision

The Budget Committee deferred the consideration of item BU14.1 to the January 28, 2020 meeting of the Budget Committee.

Origin

(January 6, 2020) Report from the Chief Financial Officer and Treasurer

Summary

This report recommends the 2020 municipal tax ratios and tax rates arising from the concurrent adoption of the City of Toronto's 2020 tax supported Operating and Capital Budgets.

The 2020 tax rate increases arising from the 2020 tax supported Operating and Capital Budgets and the tax policy decisions recommended by the Budget Committee are as follows:

Table 1 - 2020 Recommended Property Tax Rate Increases

Property Class	2020 Tax Rate Increase for Operating Budget	2020 City Building Fund Tax Rate Increase	2020 Total Tax Rate Increase
Residential, New Multi-Residential, Farmland, Managed Forest, and Pipelines	2.00 percent	1.50 percent	3.50 percent
Multi- Residential	0.00 percent	0.00 percent	0.00 percent
Commercial	1.00 percent	0.75 percent	1.75 percent
Industrial	0.66 percent	0.50 percent	1.17 percent
Total Tax Rate Increase	1.43 percent	1.07 percent	2.50 percent

Background Information

(January 6, 2020) Report from the Chief Financial Officer and Treasurer on 2020 Property Tax Rates and Related Matters
https://www.toronto.ca/legdocs/mmis/2020/bu/bgrd/backgroundfile-141487.pdf

Motions

Motion to Defer Item moved by Councillor Gary Crawford (Carried)

That consideration of the item be deferred until the January 28, 2020 meeting of the Budget Committee