UPDATE: Council approves 2017 budget with 2 per cent property tax increase

The mayor got his way when it comes to property taxes for this year's budget. 

Council voted 35-8 in favour of a 2 per cent residential hike, which is below the rate of inflation. With other tax increases bundled in, that will mean an extra $90 a year for the average home owner. 

Mayor John Tory says he is proud council decided on a "moderate" increase. 

Is a $90/year property tax hike fair to the city as a whole or does it represent an unfair burden on homeowners?

There were 10 councillors who wanted to double that hike and raise property taxes by 4.26 per cent. 

"We often say that Torontonians can't afford to pay more in taxes, when the reality is Torontonians cannot afford to wait for child care subsidies, waiting for affordable housing, waiting for a TTC bus," says councillor Joe Cressy. "We are balancing (the budget) on the backs of TTC riders and the vulnerable."

Councillor Giorgio Mammoliti, meanwhile, wanted to freeze taxes while uploading services to the province. Only one other councillor supported his motion to keep property taxes as they are.

Council approved a number of, what the city calls, "revenue options" to help fund this year's budget.

The city will harmonize the Municipal Land Transfer Tax with the province's tax, while increasing the first time home buyer's rebate from $3725 to $4475. Councillors also approved a hotel tax and a phased in elimination of the vacancy tax rebate for commercial property owners.

You'll also pay more for your trash bins this year. The fee for a small bin will go up $4.90 to $22.66 per year, a medium bin will increase by $23.94 to $139.32, a large bin will go up by $44.07 to $339.21 and extra-large bin customers will pay $477.44 per year, an increase of $66.21.

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