Residents can expect to see property taxes rise by about four per cent in 2025.
As Oakville kicked off its budget process for the coming year, town staff was directed to draft an operating budget based on an overall tax levy increase of up to four per cent.
The tax increase will accommodate rising salaries and benefit costs, as well as higher prices for consultants, insurance and vehicle maintenance, according to a report from Jonathan van der Heiden, Oakville’s finance director and deputy treasurer.
It will also reflect operating costs for the new Sixteen Mile Community Centre and contribute to ongoing costs for the purchase of electric buses.
Covering those rising costs will require a tax increase of about 3.25 per cent.
Staff have been directed to add in an additional $4.5 million in spending to accommodate some of town council’s priorities. That will move the tax increase to around four per cent.
Setting that goal will "signal to the community that we’re gong to trend down, in terms of tax increases," said Mayor Rob Burton. (Oakville's property tax increase for 2024 was 4.65 per cent.)
Robust ongoing development throughout the town will bring about $3.89 million in new taxes – or what the town calls assessment growth – into Oakville’s coffers.
The 2025 budget is expected to include money for the long-awaited rehabilitation of Towne Square. It will also fund an updated Community Energy Strategy, another community satisfaction survey and “consideration of a town wellness plan.”
Staff has also been told to build in cost estimates for the "downtown cultural hub" project. The aim is to move and rebuild various cultural buildings, such as the library, gallery and performing arts centre.
After nearly a decade in hibernation, the project was relaunche in 2022 with plans to move the downtown central library branch from its current location to the former post office building on Church Street.
Architectural design work for the new library is expected to begin this month and continue for about a year. The library is currently soliciting donations on its website.
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For 2025, the Oakville Public Library will be told to limit its overall budget increase to 5.5 per cent.
For next year’s budget, town staff has also been told to:
- Continue with Oakville’s practice of adding a one per cent capital levy, to help pay for new infrastructure;
- Update user fees based on the user fee policy, which generally aims for full cost recovery for programs.
A draft budget from town staff is to be released on Oct. 22, with public meetings to follow in November. Council is expected to consider a final 2025 budget on Dec. 19.