Toronto residents could face a 20 per cent property tax hike next year, the city's chief financial officer warned at a council budget meeting on Thursday.

"If we get no assistance from the province, if council does not approve the new taxation measures and if council says that we've cut as much as we want to see, we're looking at up to a 20 per cent property tax increase," said Joseph Pennachetti. He suggested the 20 per cent figure was a worst-case scenario.

Last week Mayor David Miller asked city council to reopen debate over his controversial plan for two new taxes to help wipe out the city's $575 million budget deficit.

In July, council deferred Miller's plan to introduce a new land transfer tax of up to two per cent on home purchases and a new vehicle registration fee of $60, putting it off until Oct. 22 — after the provincial election. At the time, councillors said they hoped the province would step in with funding, but Premier Dalton McGuinty has avoided making any promises.

Miller said the tax measures would have raised $356 million.

But when council deferred a decision, Miller brought in a number of service cuts, including closing community centres on Mondays and reducing library hours, as a means of achieving a balanced budget.

On Wednesday, the mayor backed down on the community centre closures after a series of public protests against the move. He has promised to introduce a motion next week reinstating full service.