Hamilton budget forecast for 2025 predicts 6.9% property tax increase
CBC
Hamilton residents may face a nearly seven per cent property tax increase in 2025, according to a new forecast from city staff.
The report was prepared for a general issues committee meeting next week and kicks off a months-long budget season, with the final vote in mid-February.
Finance staff predict the new budget will increase by $102.9 million, or 6.9 per cent, over 2024.
Mayor Andrea Horwath said earlier this week she's directed staff to try to find savings.
"It's really imperative to set an overarching direction in this budget that takes into consideration the economic challenges that residents are currently facing, and particularly the rising cost of living," Horwath told reporters Monday.
For any new funding request, she said, she will require staff to make their business case at council.
The budget increase will cover:
Last year, council approved a 5.8 per cent tax increase, or about $286 more per household compared to the previous year.
At that time, staff had projected a higher 2025 budget increase of 8.5 per cent, which Horwath described on Monday as "out of whack."
While it's now dropped to 6.9 per cent, Hamilton residents can expect more tax hikes in the coming years.
Staff are projecting a 6.8 per cent increase in 2026 and a six per cent increase in 2027, said their report.
A major reason for increasing property taxes is the Ford government's cuts to services, which "continue to represent a significant challenge for the city and all municipalities in Ontario," staff said.
Horwath and councillors have also said they've had to play "catch-up" after previous terms of council pushed back spending on major capital projects, like road upgrades and social programs such as affordable housing.
Hamilton police will ask for a $13-million, or 6.2 per cent, increase to their budget following an 8.4 per cent increase in 2024, said the report.
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