According to preliminary budget projections, Milton ratepayers will see an increase of $30 for every $100,000 of assessed property value the following year.
According to these numbers, the preliminary budget report predicts an overall increase in total taxes of 4.26 percent in 2023, or $733.44, on a $100,000 assessed property. 3.09 percent of the increase, which is combined with the projections for the Halton Region and for educational purposes, comes from Milton.
The estimated tax increases based on property assessment are shown in the following graph:
The total operating budget for the Town of Milton is currently $183.8 million. Property taxes account for the majority of this amount, with the remaining funds coming from provincial grants and subsidies as well as user fees for Town services. However, Town staff and Milton's newly elected council will have plenty of opportunities to make changes.
Furthermore, 131 capital projects will each receive $63 million.
The town's first budget report also outlines four objectives, with the top priority being to accommodate growth while managing service and infrastructure demands and keeping taxes affordable for the general public.
The budget also calls for looking for new sources of income and attempting to attract skilled workers and investors to Milton. The Town also wants to manage the need for new investment and provide services that address residents' rising expectations and service requests.
Mayor Gord Krantz expressed his excitement about turning Milton into a place where people have a lot of economic opportunities and where young people can pursue their education in the budget report.