The Town of Newmarket has finalized a 3.99 per cent tax rate increase for 2024.
Council gave final approval to the budget Dec. 11 after weeks of deliberation. The budget is expected to maintain service levels, with the town dedicating a one per cent increase to fund future recreation capital projects.
Newmarket Mayor John Taylor said the tax increase should prove to be among the lowest in the GTA this year.
“We believe that this is a balance between ensuring we’re able to continue to provide the services and the recreation amenities that our residents want,” Taylor said. "While reflecting, trying to limit the impact on taxpayers."
The budget means an approximately $96 increase to an annual property tax bill on a home assessed at $709,000. Water rates are also increasing separately, with a home with an average water consumption of 200 cubic metres getting a $48 increase on its annual water bill and a 465 square metre lot getting a $125 increase on its annual stormwater bill. The higher stormwater increase is a result of council opting to address an infrastructure funding gap over the next three years.
Several neighbouring municipalities are facing comparable or higher increases. East Gwillimbury approved a 6.7 per cent increase, Georgina approved a 5.51 per cent increase and Aurora is looking at a 3.9 per cent increase.
At the regional level, York Region is planning a 3.75 per cent tax increase, with the average York Region home facing a $104 annual tax bill increase from that, with Newmarket’s average skewing lower at $88.
Municipalities have cited pressures with rapid construction inflation for the increases, along with the province reducing the amount municipalities can charge developers.
Taylor said the higher increases are unfortunate given the affordability challenges people face.
“It’s a reality of the massive increase in construction costs over the last couple of years,” Taylor said. “The financial sustainability of cities is more a challenge now than ever, but this is the balance we found.”
