The City of Hamilton has released its proposed budget for 2024 that includes an increase in property taxes below the hike that was previously anticipated.
The average residential property tax in the city is set to increase by 7.9 per cent to around $382 per household.
Despite the increase, the numbers are still much lower than the hike of 14.2 per cent predicted in September.
The proposed increase is set to include a 4.3 per cent rise to protect existing services and allow for an investment of $19.2-million in housing and homeless initiatives.
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The City says the other 3.6 per cent are added costs from provincial initiatives, with 2.6 per cent to cover impacts of provincial legislation that shifts the cost of new development from developers to local taxpayers.
According to officials, the final one percent would pay for the city’s municipal investment in provincial hospital redevelopment.
Community members will have a chance to speak with the city council on the proposed budget on Tuesday.
The public consultations will be followed by a series of meetings and consultations ahead of a special council meeting to consider the final budget on Feb. 15.
A full overview of the proposed budget can be found on the city’s website.
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