CENTRE WELLINGTON – The Township of Centre Wellington is forecasting its highest tax rate increase seen in years.
The township’s 2024 draft budget book shows an 8.54 per cent tax increase on the township’s portion. This would represent an additional $114 on an average assessed home at $381,428 or an extra $29.97 per $100,000 of residential assessment.
This only applies to the township’s portion of the tax bill which also has portions going towards the County of Wellington and education.
In 2023, there was a 3.53 per cent increase, a 2.16 per cent increase in 2022 and a 1.33 per cent increase in 2021.
Noted in the draft budget book, during preliminary budget meetings council directed staff to develop the budget while maintaining a tax rate increase equal to or less than six per cent.
The tax supported operating budget totals $39.5 million and the capital budget totals $27.9 million.
The largest impact to the tax rate noted in the budget book is $2.2 million increase in employee wages and benefits, a $240,000 increase in the termite management program expenses and an increase in transfers to equipment, facility and general capital reserves.
The 2024 draft budget will be considered by council on Dec. 7 and Dec. 8 (if needed) and is proposed to be approved on Dec. 18.
The full 2024 draft budget can be found here.
