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Budget 2020 Town Boards
On Monday evening, December 16th, Oakville Town Council unanimously approved the 2020 operating budget of $345.5 million and capital budget of $119.4 million. It delivers town services that residents and businesses value. The budget invests in new infrastructure and ensures the town’s long-term fiscal sustainability.
The combined operating and capital budgets result in a 3.08 per cent increase to the town’s portion of the tax bill; however, the an overall property tax increase is 2 per cent when the Halton Regional Budget and expected educational taxes are included.
The 2 percent increase amounts to an additional $14.73 per $100,000 of assessment. It means that the owner of a $1,000,000 home pays an additional $147.30 per year or $2.83 per week. According to the November 2019 TREB Market Watch, the year-to-date Oakville benchmark price for all home types was $1,033,700.00.
Oakville Property Tax Rate
Oakville's property tax rate for a single family residence for 2019 was 0.734441 per cent. The 2020 rate will be posted in the new year. Using the 2019 property tax rate plus the increase for 2020, the property tax for 2020 for a $1,000,000 home should be $7,344.41 + 147.30 = 7,491.71.
Property tax rates do change from one year to the next, and can alter significantly when MPAC valuations are done. Your property taxes are based on your MPAC valuation, not the current market value.
Property Tax Calculator
Halton Region has a Property Tax Calculator that you can use. Currently, it calculates property taxes using 2019 information. It should be updated in the new year.
“In 2020, Town Council will focus on building a climate change resilient community,” said Mayor Burton. “We’re protecting our green-space by investing in environmentally sustainable practices, and maintaining our high-quality programs, services and infrastructure to keep Oakville one of the most livable and fiscally healthy communities in Canada.”
Budget 2020 key priorities
- New Oakville Trafalgar Community Centre- $7.1M
- Downtown Oakville Lakeshore Road reconstruction - $10.8M
- New fire station at Pine Glen and Bronte Road for $3.3M
- Speers Road Phase 2 – Widening and Active Transportation - $4.8M
- North Service Road Reconstruction and Active Transportation - $4.0M
- Storm Water and Erosion Control - $11.2M
- Electric buses (New Buses, Vehicles and Equipment) - $2.5M
- Active Transportation Initiatives - $2.4
- Enhancements to the Crosstown Trail
- Improved parks and trails including the Bronte Athletic Field and the redevelopment of part of the decommissioned St. Ann's Catholic Elementary School (2123 Hixon) property into a parkette
- Renovations at 16 Mile Sports Complex and River Oaks Community Centre
In addition, $2.3 million in internal savings are being recognized from reviews undertaken in 2018 and 2019.
Council also gave direction to staff to prepare budgets for 2021-2023 that will keep overall property taxes in line with inflation.
The town continues to recognize the significant financial pressures created by the required subsidization of development required by the provincial Development Charges Act.
“Residents tell me they are impressed by Council’s commitment to good financial management,” Budget Committee Chair Tom Adams said. “This budget keeps us on track to keep taxes in line with inflation, and maintain healthy reserves, low levels of tax-paid debt, and significant funding for building and maintaining infrastructure.”
For more information on the budget 2020, visit oakville.ca.
