KENILWORTH – While Wellington North residents will see a tax rate increase in 2024, the final rate is significantly lower than last year's.
Approved during the final council meeting of 2023, the finalized budget will reflect an operating budget of $9,646,763 or a tax increase of 4.94 per cent for the average resident in 2024.
For a standard residential single-family dwelling value at $271,636, this will result in a property tax increase of $65.77.
An original draft of the 2024 budget proposed a 5.87 per cent increase.
However, staff deferred $5.2 million in capital projects to achieve a lower rate- including several road reconstruction projects, parking lot repaving and two proposed pedestrian crossings.
In 2023, the municipality had the largest increase of any Wellington County municipality at 8.9 per cent.
This does not include the county portion of any tax increase, which currently sits at 4.8 per cent and will be discussed during a special council meeting next week.
Isabel Buckmaster is the Local Journalism Initiative reporter for GuelphToday. LJI is a federally-funded program.
