Homeowners in London will be paying an extra 3.1 per cent in property taxes this year.
Council approved the 2023 Annual Budget Update, which included the tax levy, at city hall Tuesday. The increase will add roughly $98 dollars to the tax bill for the average London home assessed at $241,000 in 2019.
At the start of this year’s budget deliberations, the increase was to be 3.9 per cent, or $122, but politicians were able to whittle that down.
“We know London families are dealing with surging inflation, the likes of which we haven’t seen in almost 40 years,” said Mayor Josh Morgan. “As a municipality, we have no control over the primary drivers of inflation. However, we can play an active role absorbing inflationary pressures to ensure Londoners are sheltered from their full brunt. That’s exactly what we’ve done with this budget.”
Among the changes made to bring the increase down included spending less money on closing the infrastructure gap, scrapping some downtown tree planting, and changes to the city’s Ontario Works budget. City staff also found $6.5-million in savings within their own departments.
“We are not dramatically increasing user fees, bus fares, or costs of other public programs. Our property taxes remain among the lowest in Ontario, and we continue to make smart investments in areas most important to Londoners,” said Morgan.
The city’s total operating budget for the year comes in at $1.12 billion, with $447.7 million in capital spending.
The 2023 budget update is the final one of the 2020-2023 multi-year budget. Next year, council will have to approve a new four-year fiscal blueprint that will stretch to 2027.
-With files from Craig Needles
