Property Taxes Concerns For Gravenhurst's 2022 Budget
Inflation and property taxes were two main talking points during a 2022 budget discussion tabled at the Gravenhurst Town Council July meeting.
After a brief overview of where the Town of Gravenhurst stands with the pandemic, Val Sequeira, director of corporate services and chief financial officer, pointed out some key takeaways for the 2022 budget.
The return of inflation is one of those key takeaways. According to Sequeira’s presentation, inflation will impact cost of services, utilities and raw material. He reports that the Canada Cost Price Index CPI has gone up and notes that the town’s cost increases are typically higher than CPI, which is already being reflected in the cost of capital projects, that are “significantly higher” this year.
The Canadian Inflation Rate was 0.72% in 2020 and is projected to be 1.69% for 2021 and 2.0% for 2022.
Property assessment in Ontario is reassessed every four years by the Municipal Property Assessment Corportation MPAC. This year, Sequeira reports, the assessment will be deferred to 2022 because of the pandemic. This deferral will impact property tax in 2023.
By Leila Nasr-Sharifi, for HuntersBayRadio.com
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