Residents will see a 5.5 per cent increase in their Newmarket property taxes after town council passed the budget April 3.
The increase comes after weeks of deliberations and will see a property tax bill go up by $159 for a home assessed at $900,000. The larger-than-normal increase is being pinned on inflation and rising costs.
Newmarket Councillor Bob Kwapis said it was a ‘very challenging budget.”
“We understand many of our residents are dealing with financial difficulties,” he said, but added council works to keep taxes “as low as possible while still maintaining the necessary services. This budget was a good example of our commitment.”
The proposed tax increase went down from 7.67 per cent to 5.5 per cent after council deliberations. Town councillors have noted it puts the town in the middle of some of its neighbours, including Stouffville (9.04 per cent), Georgina (6.89 per cent), East Gwillimbury (5.55 per cent) and Aurora (3.5 per cent).
Mayor John Taylor said Newmarket residents value the services the town provides and get good value for what they pay in taxes.
“I know this council, this staff is proud of all the services this town does provide,” Taylor said. “We continue to try and bring them at the highest level of service we can to the residents that expect that, and we try to do that by keeping taxes as low as possible.”
The increase should maintain the town’s goal of having taxes 10 per cent below the GTA average, Taylor added.
Water and wastewater rates are also increasing by 3.8 per cent, approximately a $50 tax bill increase for a home consuming 200 metres cubed of water each year. Stormwater rates are increasing by nine per cent, an extra $5 on a tax bill.
Town staff will be working to complete a 2024 budget by the end of the year, with council asking them to aim for three per cent or lower.
“I look forward to continuing the growth and prosperity of our town,” Kwapis said.
