Homeowners in Toronto likely soon face another property tax hike.
A proposed four per cent property tax increase is included in the city's 2010 operating budget, which was released Tuesday.
The proposal would also boost commercial and industrial taxes by just over one per cent.
The budget committee had faced a $382-million funding shortfall before making the cuts necessary to present a balanced budget. All city-run departments have been asked to slash spending by five per cent to help get Toronto's finances in order.
"Unlike the federal and provincial governments, the city cannot run a deficit -- even during a world-wide recession," says a release from Mayor David Miller's office.
"Residents should know that about 70 per cent of their property taxes go to pay for three things: emergency services, provincially mandated health and social services and the TTC."
City budget chief Shelley Carroll notes that residents concerned about the hike would do well to compare Toronto taxes to those of surrounding municipalities.
"The tax rate remains lowest in GTA," Carroll posted on her Twitter account Tuesday.
According to the city's release, a Toronto home assessed at $407,374 would incur taxes of $2,334. Here's what the same house would incur in taxes in other municipalities, according to the city.
- Mississauga: $2,559
- Markham: $3,037
- Vaughan: $3,314
Public opinion on the budget will be accepted at meetings at city hall on March 1 and 2. The proposal will go before council on April 15 and 16.
