After the pandemic increased the need for city services and caused TTC fare revenue to drop, Toronto city hall is facing a fiscal crisis with a $1.5 billion budget hole. Departments at city hall are already quietly planning for service reductions next year, as a contingency should extra funds not materialize. Property tax revenue, by design, does not automatically grow when properties are reassessed, so there’s no automatic windfall when home values go up. She’s also said she’ll keep residential property tax increases at or below the rate of inflation. In that light, “Will you jack property taxes?” is the wrong question.

Source: thestar May 24, 2023 04:01 UTC