Homeowners in Guelph, Ont., may not have to fork out as much in property taxes in 2023.
The City of Guelph released an update to its 2022-2023 multi-year budget on Thursday.
The latest budget figures see a 4.96-per cent increase in the tax levy for 2023. That is down from 5.17 per cent that had been approved by the previous council in 2022.
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This amounts to a property tax bill of $4,392.25 based on a residential property assessed at $406,000, a $207.56 increase over 2022.
In a news release, the city says 2.97 per cent is related to municipal investment, 0.28 per cent is for legislative impacts resulting from Bill 109 and Bill 23, and 1.71 per cent goes to local boards and shared services investment.
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There is no change to the approved water, wastewater, and stormwater fees and rate for 2023. The average hike will be $26.54.
The city says there are five underlying themes that emerged during the development of the multi-year budget in 2022: pace and capacity, COVID-19, modernizing and transforming service delivery, energy and climate change and legislative impacts.
A special council meeting is scheduled for Jan. 25 to re-adopt the 2023 budget.
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