Toronto’s residential property tax increases over the last five budgets were 4.4% in 2022, 7.0% in 2023, 9.5% in 2024, 6.9% in 2025 and 2.2% in 2026. Each figure joins an operating increase to a 1.5% City Building Fund levy. Added in dollars, they come to roughly $1,072 a year on an average assessed home.
Five budgets side by side
The City publishes a release for each final budget with the residential percentage, the fund percentage and the dollar impact on an average home. These are the figures.
- 2022: 2.9% operating plus 1.5% fund. That was $93 and $48.
- 2023: 5.5% plus 1.5%. That was $183 and $50.
- 2024: 8% plus 1.5%. That was $285 and $53.
- 2025: 5.4% plus 1.5%. That was $210 and $58.37.
- 2026: 0.7% plus 1.5%. That was $91.53 combined.
Operating increases peaked in 2024 and have fallen fast since, while the fund stayed at 1.5% throughout.
The early years
In 2022 the average household paid $141 a year more. In 2023 it paid $233 more, and the City noted that the fund backs a $6.1 billion transit and housing package in its ten-year capital plan. By the end of 2023 the average home paid $374 more a year than before 2022.
Why 2024 was the peak
In 2024 the operating increase was 8%, worth $338 with the fund. The City cited a shortfall of almost $1.8 billion and said residential property tax alone would have needed a 42% increase to cover it. It found $620 million in efficiencies and intergovernmental funding instead.
Cooling off in 2025 and 2026
The 2025 operating increase fell to 5.4%. Council adopted the 2026 budget on February 10, with a 0.7% operating increase, and the City lists $788 million in efficiencies, reductions and offsets. The operating budget grew from $17.1 billion in 2024 to $18.9 billion in 2026. Spending kept rising. What changed was how much new property tax the City asked for.
Where the fund came from
According to the City, Council built the City Building Fund up in steps for transit and housing capital projects, with 1.5% a year from 2022 to 2026. Whether it continues after 2026 is for a future budget to decide. The fund line on the bill looks like the current year’s increment: 0.007703% in 2024, about $53 on the average home, and 0.009016% in 2026, about $62.
What stayed still
The education rate on residential property is 0.153% in both 2024 and 2026, and the province sets it. The assessment base stayed still too. MPAC’s valuation date is January 1, 2016, the reassessment for 2020 was postponed, and a regulation filed August 16, 2023 extended that through 2024. For 2026 the City says assessments remain fully phased in at 2016 values. So in these years the bill changed almost entirely through the rate.
Adding the years up
Running totals of the City’s averages show the drift: $141 after 2022, $374 after 2023, $712 after 2024, $980.37 after 2025 and $1,071.90 after 2026. On the 2026 average bill of $5,311 that leaves about $4,239 before the 2022 budget, so the bill grew about 25%. That is a rough figure, because the City’s average assessed value shifted a little between years.
Adding the percentages instead gives 30%, which is wrong. Percentages compound, but each applies only to the City’s share, not the flat education share. Dollars on a fixed home give the clearer picture, and the property tax calculator does that for your own assessment.
Scale to your home by dividing your assessed value by $692,140. A home assessed at $400,000 would see roughly $620 over the five years, and one at $1,000,000 roughly $1,550. These are estimates, not billing amounts.
What this record leaves out
This page covers only the years where the City’s releases give both a percentage and a dollar impact. Earlier versions carried a table back to 2000, but those numbers could not be confirmed on a City page, so they were dropped. For earlier years, use the City’s budget archives.
Help exists for the increases themselves. The Property Tax Increase Cancellation and Deferral programs cover low-income seniors and people with disabilities, with a 2026 household income limit of $62,000 and a November 2, 2026 deadline. The Toronto cost of living calculator puts the tax beside other costs. See also the Land Transfer Tax calculator, and the full set of real estate calculators.
Sources
- City of Toronto, 2026 Budget now final
- City of Toronto, 2025 Budget now final
- City of Toronto, 2024 Budget now final
- City of Toronto, 2023 Budget
Common questions
How much did Toronto property tax rise each year from 2022 to 2026?
Last reviewed: . Figures come from the official sources listed above. How we check the numbers and our editorial policy.