Despite some attempts to alter Toronto’s mammoth $8.2 billion operating budget, little changed yesterday and residential homeowners will face a 3.75 per cent property tax increase this year.
In one of the quietest budget debates in memory the opposition tried to slam Mayor David Miller for breaking an election promise to keep taxes at inflation, which is now running at about 1.8 per cent.
Deputy Mayor Joe Pantalone crowed that the budget, approved by a 29 to 15 vote, provides a small break for small business and a moderate increase for tenants, bringing municipal taxes on a $150,000 rental apartment to $3,179 in 2008.
Pantalone also added that despite the hike, Toronto homeowners will still pay thousands less than other GTA municipalities.