Owen Sound to keep next year's tax hike below 2%
This should make Owen Sound home owners a little less grumpy come property tax time.
The city is poised to hike taxes less than 2 percent next year – the lowest increase in at least a decade.
Its thanks mainly because of an almost 50 percent hike in the Ontario Municipal Partnership Fund.
Owen Sound will receive a little over $1.1 million next year compared to the $755,000 this year.
It means the 3.7 percent property tax hike in the draft budget is reduced to 2.3 percent and even further to 1.9 percent when the education and county levies are factored in.
For a property assessed at $207,000 it means an increase of about $55.
On average, property taxes have increased between 3 and 5 percent each year for the past decade.
Director of Corporate Services, Kate Allan tells Dock News the math worked out in the city’s favour this time.
“Owen Sound’s average household assessment is growing at a slower rate than the provincial average. Because of that, we’re due to get more provincial funding.”
She also expects that funding to remain in place for at least the next few years until assessment levels start to grow.
Mayor Ian Boddy is happy they’ll be able to make repairs and upgrades to roads and sewers without having to substantially increase taxes.
“It’s always our goal to balance the things that we have to spend money on and services we have to provide while keeping taxes as low as we possibly can. With that grant coming in, it allowed us to get under 2 percent which is always the goal… and yet still put money into infrastructure.”
A public meeting on the budget is planned for the January 29th council meeting.
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