The 2023 Budget is scheduled for approval on April 5 during the 1 to 4:30 PM Council Meeting.
Members of the public are invited to attend at the Markham Civic Centre – Council Chambers or watch online.
Recap of 2023 Budget Public Consultation Meeting (March 9)
Proposed 2023 Capital Budget: $223.9M
Proposed 2023 Operating Budget: $444.0M
Impact of Province's More Homes Built Faster Act, Bill 23
Development Charges (DC) Reduction
Parkland dedication/cash in lieu reduction
Reduction in DC funding for staffing related to studies
Total Annual Shortfall of $ 136,100,000 in Capital budget.
The financial burden will fall on the property tax base without other funding sources to make up this shortfall.
Impact on Average Residential Property
Assessment and Property Taxes, 2023 Residential Property Tax Distribution:
City of Markham: 24.2%
York Region: 52.1%
Provincial Education: 23.7%
5% tax increase for 2023, including a 2% provision for the impacts of Bill 23.
The average increase in property taxes will be $64.75 for the current average value of the house and condo of $829,995.
Comparison of 18-Year Average Tax Rate Increase (2006-2023): 2.24%, still one of lowest in GTA cities.
Including a 5% increase in the City of Markham ($64.75), a 3.9% increase in York Region($108.13), and a 3.8% increase in Water & wastewater fee ($36.94), the average increase in property taxes will be $209.82
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