This report recommends adoption of the 2023 education tax rates and education property tax levy for school purposes, as required by legislation. The City of Toronto levies and collects education taxes on behalf of the Province of Ontario, based on the education tax rates set out in Ontario Regulation 400/98. In February 2023, City Council adopted the recommendation to continue the policy of limiting (capping) allowable tax increases to a maximum of 10% of a property's prior year's annualized taxes, for any property in the commercial, industrial and multi-residential tax classes that would otherwise experience a property tax increase of greater than 10% and where the tax increase is greater than $500. This report also recommends the 2023 percentage of the tax decreases (the ‘clawback’ rates) required to fund the capping limit on properties in the commercial, industrial and multi-residential property classes, as provided for by legislation. It has been long standing City Council policy to adopt clawback rates sufficient to fund forgone revenues arising from its adopted tax increase capping policy, and as provided for by legislation.
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