Property tax hike of 3.79 per cent on tap as Oakville council approves 2023 budget
Oakville residents will have to fork over another $27.72 per $100,000 of assessment on their property tax after Town Council passed the 2023 budget in meeting held Monday (Feb. 27) at Town Hall.
The newly approved budget will see a property tax hike of 3.79 per cent, meaning residents with a million dollar home will have to pay upwards of $277.20 more this year.
While this year’s increase was actually 6.07 per cent, the number is lower due to no increase in education rates and Halton Region taxes expected to increase by 3.36.
Mayor Rob Burton said with town having kept an eye on spending over the years, Oakville will be able to provide the services residents need while delivering a budget below inflation rates.
This, he says, despite having to deal with increasing fuel costs, high inflation, federal and provincial government requirements, labour shortages and a growing population.
“Thanks to year of fiscal discipline from performance-based program budgeting, our growing dividend income, and the strongest municipal fiscal reserves in Canada, we are ready to face any immediate and long-term challenges,” said Burton.
“We will be able to invest in the necessary infrastructure. We will continue to provide the high-quality programs and services that residents tell us they want and that make Oakville Canada’s most livable community.”
Budget Chair Janet Haslett-Theall, while saying it’s not an apples to apples comparison, made note of how Oakville’s tax increase is below what neighbouring municipalities have approved this year.
“You’re getting value for your dollar,” she said.
Burlington (7.52 per cent), Mississauga (6.08 per cent), Milton (4.42 per cent) and Halton Hills (4.26) all had higher tax hikes.
“It does mean an Oakville tax payer will see less of an impact on their tax bill and that is good news for all,” said Haslett-Theall.
Council approved the $348.5 million operating budget for 2023 along with a capital budget of 178.3 million. The property tax levy increased over the previous year by $17.5 million more to $239.5 million.
A fair sized piece of the capital budget spending will see $12.1 million spent on the Khalsa Gate urbanization and streetscape, $10.7 million for electric Oakville Transit vehicles, $9.3 million for the continued construction of the community centre and library and geothermal retrofit at Sixteen Mile Sports Complex, $9 million for road resurfacing and $8.8 million for parking lot, driveway maintenance and maintenance of town facilities.
The Burloak Drive Grade Separation ($8.3 million), parks and trails ($6.7 million) and new parks, parkettes and trails ($6.4 million) are other major expenses in the budget.
New services approved in the 2023 budget include $500,000 to improve traffic calming and active transportation, a $550,000 program that will all youth 19 and younger to ride Oakville Transit for free and $540,000 for program that will see seniors (64 and older) ride the bus for free.
The town also approved $10,000 in funding for this year’s Santa Claus parade and $80,000 to clear sidewalks of snow in downtown Oakville.
“This budget is proof that we are an organization that continuously improves and innovates while being fiscally prudent and responsible,” said Burton.insauga's Editorial Standards and Policies advertising