Item - 2022.BU44.2
- See also toronto.ca/budget
BU44.2 - 2022 Property Tax Rates and Related Matters
- Decision Type:
- ACTION
- Status:
- Deferred
- Wards:
- All
Committee Recommendations
The Budget Committee deferred consideration of Item BU44.2 to the February 7, 2022 meeting of the Budget Committee.
Origin
Summary
This report recommends the 2022 municipal tax ratios and tax rates arising from the concurrent adoption of the City of Toronto's 2022 tax supported Operating and Capital Budgets.
For 2022, staff recommend an overall average budgetary tax rate increase of 2.11 per cent as shown below in Table 1, which includes an inflationary increase of 2.90 per cent for residential properties, a 1.45 per cent increase for commercial properties, and a 0.97 per cent increase for industrial properties. In compliance with provincial regulations, there is no increase recommended for multi-residential properties. The report also recommends the adoption of an incremental increase of 1.5 per cent to the City Building Fund Levy, as approved by City Council in 2019.
Table 1: 2022 Recommended Property Tax Increases
|
Property Class |
2022 Tax Rate Increase for Operating Budget |
2022 City Building Fund Tax Rate Increase |
2022 Total Tax Rate Increase |
|
Residential, New Multi-Residential, Farmland, Managed Forest, and Pipelines |
2.9% |
1.50% |
4.40% |
|
Multi-Residential |
0% |
0.00% |
0.00% |
|
Commercial |
1.45% |
0.75% |
2.20% |
|
Industrial |
0.97% |
0.50% |
1.47% |
|
Total Tax Rate Increase |
2.11% |
1.09% |
3.20% |
As the next property value reassessment date has been postponed by the Province, property assessments in 2022 will reflect the same assessment value as 2020 and 2021.
Background Information
https://www.toronto.ca/legdocs/mmis/2022/bu/bgrd/backgroundfile-175478.pdf
Communications
(January 23, 2022) E-mail from Diane Emmett (BU.Main)
(January 24, 2022) E-mail from Peter Evans and Cheryle Irwin (BU.Main)
(January 24, 2022) E-mail from Joseph Szamosi (BU.Main)
(January 24, 2022) E-mail from Owen Nixon (BU.Supp)
Motions
That consideration of the item be deferred until the February 7, 2022 meeting of the Budget Committee.