City of Hamilton to Increase 14.2 % Taxes Next Year

September 14, 2023September 14, 2023 Top Quality Canada canada, City of Hamilton, hamilton, income tax, ontario, property tax, taxes, taxincrease

As we witness tremendous changes in Canada, whether it is increased immigration, Canadians leaving the country, skyrocketing inflation, food prices that are raised on daily basis and housing market that is unreachable by new and young Canadians, all that is not enough according the City of Hamilton. For Hamilton residents, next year could be the year of even more grief than the city announced major changes. City of Hamilton is about to raise taxes as high as 14,2 %!

According to a staff analysis made public on Wednesday, Hamilton taxpayers might be hit with a hefty 14.2% municipal tax rise the following year. which, in addition to being a startling shock, would be larger than the sum of the increases in the last five budgets of the previous council. According to the research, additional growth of 6.1% and 5.9% is anticipated for 2025 and 2026, respectively. That’s presuming the bottom line doesn’t increase in any way. Nothing new, no plans for everyone to have free transit, no hiring binges, no catching up to prior councils, nothing.

Social Media Platform Reactions

A 14.2% increase in taxes is not something any Hamilton resident would be pleased to hear, one could image. And the social media platform posts prove just that. Many residents are fuming! Many none Hamilton residents believe this could mean other municipalities would do the same if this goes through.

Hamilton City Council Ideas

According to the Hamilton City Council, increased funding requirements were found in the budget outlook for the city’s division of healthy and safe communities, capital financing, corporate finances, and public works, which would account for $149 million of the $166 million increase in levy funds required.

One of the extra expenses is $33 million for the city’s affordable housing and homelessness crisis, which is meant to help the estimated 1,700 homeless people in the area.

In order to take advantage of further provincial and federal financial options, it contains a multiyear commitment of $31 million over three years to build 200 supportive housing units.

Last year, council reduced a proposed 6.9% increase to 5.8% for a final budget of $1.07 billion, keeping current service levels while improving emergency services and affordable housing.

It was the biggest in recent memory for Hamilton and represented an average residential property rise of $262 per year.

Only year later, Hamiltonians will have to grab deeper into their pockets, from 5.8% increase this year to additional 14.2%! This will not excite anyone who owns a home in this Ontario city.