Peterborough Homeowners Staring Down a 9.59% Property Tax Hike in 2024
/While inflation has taken its toll on household budgets, it’s also hammering the financial books of the city of Peterborough.
Photo by Keegan Beekers.
Earlier this week, city staff released the draft 2024 budget. As a result of growing costs, the document proposes an all-inclusive property tax increase of 9.59 per cent in 2024.
So, what does that mean for the average homeowner?
The proposed increase would see your annual property tax bill grow by $167.17 per $100,000 of residential property assessment.
Or, if your property is assessed at $260,000, you would pay an extra $434.61 on your yearly tax bill.
To figure out what the proposal means for you, the city of Peterborough has a tool to help.
Where is the money being spent?
Proposed operating expenses for the city in 2024 will be $359 million ($173.9 million of that will be paid through property taxes).
Proposed capital costs will come in at $128.2 million.
The departments and agencies proposing to spend the most tax dollars include police, the fire department, social services, transit, public works, parks and recreation, and paramedics. Another large expense is capital financing costs.
The entire document is available to view HERE.
What’s causing the increase?
There are a number of reasons for the increase. However, general inflationary pressures are a big reason why.
However, other factors for the rise in costs include:
- Upgrading transit service
- Improving customer service
- Strengthening municipal law enforcement
- Rising policing costs
- Increased insurance costs
What could be cut?
Lowering the proposed increase by 1% would require $1.9 million in reductions. City staff have laid out a laundry list of possible cuts across a variety of departments.
Some of the larger potential areas to save money include (savings in brackets):
- Cancel downtown street surface repair program ($2.3 million)
- Defer traffic calming program ($700,000)
- Defer Towerhill Link Environmental Assessment ($600,000)
- Cancel Service Enhancement Plan ($530,000)
- Defer various new sidewalk installations ($500,000)
- Defer hiring four municipal law enforcement officers ($305,305) and purchasing two security vehicles ($200,000)
- Full cost recovery of planning applications ($300,000)
- Cut statutory holiday transit service ($190,000)
- Close directly operated child care ($150,000)
- Increase transit fees ($100,000)
Planned Capital Projects
There are 147 capital projects proposed to begin (or be completed) in 2024. The projects come in at a cost of $128.2 million.
Some of those projects include:
- New arena and aquatics complex
- Brealey Drive construction from Lansdowne Street to Sherbrooke Street
- Pavement preservation program
- Lansdowne Street rehabilitation from Park Street to Otonabee River
- Charlotte Street upgrades from Water Street to Park Street
- Transit Garage replacement
- Curtis Creek watershed improvements
- Bonnerworth Park Redevelopment Project
- Downtown street resurface repairs
How to get involved
