Mayor John Tory is making the most significant financial move of his mayoralty, pitching to substantially increase property taxes to help fund a massive backlog of transit repairs and affordable housing, the Star has learned. Council already approved a plan to increase the city building fund by 0.5 per cent every year until 2021, when it would max out at 2.5 per cent. A 1.5 per cent increase would cost the average homeowner an additional $43 a year, according to the source, or fewer than 12 cents per day. Though Tory has consistently promised to keep property taxes at or below the rate of inflation, including as part of repeated criticism of mayoral challenger Jennifer Keesmaat during the 2018 campaign, with the city building fund considered, that promise has not been met. Mike Layton (Ward 11 University-Rosedale) this October to get a report during the 2020 budget process on how a one per cent increase to the city building fund would help accelerate TTC capital plans.

Source: thestar December 04, 2019 13:22 UTC