Toronto council hikes property taxes by 4.2%

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Discussion posted by: IRWeasel

Toronto homeowners will have to pony up 4.2% more in municipal taxes this year. For an average home — one assessed at $703,232 — the increase amounts to $128, driving up the corresponding property tax bill to $3,141. On Wednesday, city council approved this year’s $13.5-billion operating budget by a vote of 21-3. The $43.4-billion, 10-year capital budget was passed at a previous meeting.