Toronto City Council approved a balanced 2014 Tax Supported Operating Budget of $9.6 billion and 10-Year Capital Budget and Plan of $18.6 billion that makes significant investments in key strategic priorities for the City's future. The Budget continues to strengthen the City's fiscal health and for the second year in a row, the Budget was balanced without the use of the prior year's surplus.
The 2014 Operating Budget included a 2.23% property tax increase for residential properties. Included in the increase is dedicated funding (0.5% increase) for construction of the new Scarborough Subway.
As part of its overall strategy to enhance Toronto's business climate, the City continues to reduce its tax rates for commercial, industrial and multi-residential. This will result in an additional 0.48% for residential properties to make the total tax increase 2.71%. The total average increase for non-residential properties, which include rental apartment buildings, is 0.30%.