1.5 per cent Oakville tax increase lowest in Halton
Published December 21, 2021 at 4:08 pm
Oakville residents will be paying a 1.50 per cent tax increase in 2022.
At a meeting on Monday night, Oakville Town Council unanimously approved the 2022 operating and capital budgets recommended by the Budget Committee.
The hike will allow Council to make improvements to Town services, while keeping the overall property tax increase in line with inflation.
The 1.50 per cent mark is the lowest of the tax hikes in Halton Region for 2022.
“I am proud of the way staff and the committee were able to get the tax increase down to 1.50 per cent while adding significant requests to the programs and facilities we provide and meet the challenges of the pandemic,” Oakville Mayor Rob Burton said. “This strategic and prudent plan reflects Council’s commitment to keep Oakville in a strong financial position and ensure we remain the most livable and fiscally healthy community in Canada.
“I’d like to thank everyone for their input, dedication and hard work to help keep moving the town forward even in the adversity of the pandemic.”
By passing a $328.2 million 2022 operating budget and $276.3 million capital budget, Ward 6 Councillor and Budget Committee Chair Tom Adams said the Town’s response to the pandemic will be supported.
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The 2022 budget go towards Council-approved priorities such as building new community facilities and improving traffic and pedestrian safety, while ensuring the town’s long-term fiscal sustainability.
Strong financial reserves and low debt levels will also be maintained, while significant funding will go towards maintaining Oakville’s roads, bridges and other infrastructure in a state of good repair.
“The 2022 Budget makes us ready for our future by continuing to maintain our strong financial position,” Adams said. “The overall property tax increase is the lowest of our surrounding communities.
“It makes significant investments in our facilities, transportation systems and parks while continuing our strong reserves and low debt levels.”
The combined operating and capital budgets result in a 1.67 per cent increase to the town’s portion of the tax bill, for an overall property tax increase of 1.50 per cent when combined with the regional and educational tax levies.
The approved budget would see residential property taxes increase by $10.80 per $100,000 of assessment meaning that the owner of a home assessed at $800,000 would pay an additional $86.40 per year or $1.66 per week.
Funding from the 2022 Budget will also go towards the new North Park community centre, library and sport fields, the Sixth Line (North Park to William Halton Parkway) and Speers Road (Fourth Line to Dorval Drive) widening with active transportation, electric buses, storm water and erosion control infrastructure improvements, oakville.ca website multi-year rebuild, as well as the opening of various new parks, parkettes and trails.
Based on assumptions of how the COVID-19 pandemic may continue to affect operations, the budget is also designed to fund initiatives that provide alternative recreational opportunities for residents and minimize the financial impacts due to lost revenues in areas like transit, parking and sports field rental revenues.
For more information on the 2022 Budget visit oakville.ca.
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