Toronto is "working towards" a property tax increase that could be lower than in 2024 and 2025, according to the city's budget chief.

The city wants to keep costs down for taxpayers this year, and the focus of the budget will be on affordability, Coun. Shelley Carroll, who represents Ward 17, Don Valley North, told reporters at city hall on Thursday.

"This year, the 2026 budget will be a leaner one. That's not about cutting back necessarily. It's about being intentional," Carroll said.

"It's about prioritizing our investments, protecting your affordability and preparing for an uncertain global financial outlook."

In 2024, council raised residential property taxes by 9.5 per cent, and in 2025, it raised residential property taxes by 6.9 per cent.

Carroll said the city has found savings

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