Oakville property tax increase would keep in line with inflation
Oakville residents will likely be reaching a little deeper into their wallets to pay their taxes this year.
In a budget meeting held Tuesday afternoon, Town staff recommended a 2.30 per cent increase to the town’s portion of the tax bill, for an overall property tax increase of 1.70 per cent when combined with the estimated regional and educational tax levies.
The proposal would see residential property taxes increased by $12.27 per $100,000 of assessment. For example, a home assessed at $800,000 would pay an additional $98.16 per year or $1.89 per week.
Town staff presented Oakville’s proposed 2022 operating and capital budgets, as well as the forecasted operating increase for 2023 and 2024, to the Budget Committee.
The proposal would achieve Town Council’s direction to keep the overall property tax increase in line with inflation.
“The proposed 2022 Budget represents our town’s roadmap toward an inclusive and fiscally responsible recovery from the challenges of the COVID-19 pandemic,” Oakville Mayor Rob Burton said. “The draft budget responds to Oakville’s many needs and uses our strong fiscal base to help us through these times.
“The plan includes significant capital improvements to our transportation networks and funding for the new North Park community centre and library which will provide a more even distribution of our community facilities across Oakville when it’s complete. These capital projects are important so we can keep growing our livability.”
In an update on the 2022 Operating and Capital budgets, based on assumptions of how COVID-19 will continue to affect operations, Town staff project that the impact on program budgets is $5.34 million, particularly in Transit, Parking and sport field rental revenues.
Town staff, in its draft of the 2022 Operating Budget, is also recommending a $327.4 million operating budget.
The money will support the delivery of a wide range of programs and services including maintenance of roads and community facilities, fire services, transit, parks and trails, recreation and culture, senior services, libraries, and a host of other important services.
In the 2022 Capital Budget draft the Budget Committee received, $274.8 million of funding will go to support infrastructure renewal, growth, strategic priorities, and enterprise initiatives.
Some of the capital projects for 2022 include:
- $47.2 million for North Park Community Centre and Library.
- $22.5 million for Sixth Line – North Park to William Halton Parkway widening and reconstruction with active transportation.
- $21.7 million for Speers Road – Fourth Line to Dorval Drive widening with active transportation.
- $16.9 million for electric, conventional and specialized, transit vehicles.
- $16.0 million to develop new neighbourhood parks, parkettes and trails in North Oakville including North Park sports fields.
- $11.4 million for parks, trails and parks facilities renewal and rehabilitation.
- $5.6 million for storm water and erosion control infrastructure improvements.
The annual process also includes a review of the town’s rates and fees for programs and services offered to the community (such as transit fares and recreation and culture program fees), and the estimated costs of administering and enforcing the Building Code Act and the Planning Act.
“Town staff have been working to create a fiscally responsible budget that is in line with Council’s direction (in June) to keep the overall property tax increase in line with inflation all while responding to the incredible impacts the pandemic has had on our community and municipal operations,” said Tom Adams, Ward 6 Councillor and Budget Committee Chair.
“Over the next few weeks, the Budget Committee will be reviewing the budget before making a final recommendation to Council. Public input is a critical part of our process and I look forward to continuing to engage with residents over the next few weeks.”
The final recommended budget will go forward to Council for approval on December 20, 2021.insauga's Editorial Standards and Policies advertising