Taxes are going up in Milton. The average homeowner will pay about $43 more per $100,000 of assessed value in 2024.
The decision was made at the Town Council meeting last night, finalizing the 2024 budget. The budget allocates $83.7 million for capital projects and $192.3 million for the operating budget to provide services to Milton's growing community.
Councillor Sameera Ali, the budget committee chair, mentioned that the council and staff worked hard on this budget to maintain expected services despite facing financial pressures like inflation. The budget focuses on strategic investments in transit, fire services, community safety, traffic calming, road safety, quality facilities, effective services, and planned community growth.
With an estimated total property tax increase of 5.93%, Milton aims to provide excellent service levels while keeping taxes among the lowest in the Greater Toronto and Hamilton Area (GTHA). The 2024 budget invests in people delivering town services, innovation in technology and processes, quality facilities, connected transit, planned community growth, and other priorities.
The capital portion of the budget involves a $83.7 million investment in 144 projects for new and existing infrastructure. The operating portion, at $192.3 million, supports day-to-day operations for services like fire, snow clearing, road and park maintenance, transit, library services, stormwater pond maintenance, culture, and recreation.
The total increase includes contributions from Halton Region and the school boards, with the Town of Milton's services making up 41% of the overall tax bill. The blended property tax rate, a combination of all these factors, is estimated to increase by 5.93% in 2024, pending approval of Halton Region and provincial education budgets.
This means the average household property tax bill may increase by $43.60 per $100,000 of residential assessment. For a home assessed at $600,000, the estimated total property taxes for 2024 would be around $4,670.81. Despite the increase, Milton maintains one of the lowest overall property taxes compared to other local municipalities.
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