Milton residents could see an increase in property tax rates next year
Published October 6, 2021 at 3:08 pm
With Milton council’s planning for the 2022 Operating Budget underway, residents may expect to see an increase in their property taxes next year.
At a meeting on Sept. 13, Milton council directed town staff to prepare and submit next year’s Operating Budget with a residential property tax increase not exceeding 5.26 per cent. This percentage is on the town’s portion of the total property tax bill.
The estimated residential property tax increase when the region and education portions are included is 2.78 per cent.
Staff is expected to present options for reducing the tax levy impact for next year in a way that is consistent with the 2021 budget as well as any new opportunities that have been identified this past year.
Additionally, they have been directed to estimate the potential COVID-19 financial impacts for 2022 as well as present strategies that will mitigate the financial pressure on the municipality without further increasing property taxes.
Council is set to discuss this further at a meeting later this year.