Community News

HERE'S HOW MUCH MORE YOU WILL PAY IN LOB TAXES

PAMELA STEEL

The Lake of Bays budget has passed with a six per cent increase to the levy.

This means an additional $32.88 in taxes for a property assessed at $300,000 in the township.

Council approved the 2023 municipal budget on March 14, citing inflationary pressures for the increase in levy.

"We are facing unique challenges at budget time due to high bank rates and fuel costs, as well as supply chain disruptions that have led to long wait times and significant cost increases," said Mayor Terry Glover. "Despite these challenges, I believe the efforts put forth by staff in developing the 2023 budget strike a balance between fiscal responsibility and fostering a thriving and vibrant community."

A township press release also cites " the current economic climate, including the highest rate from the Bank of Canada since 2008, supply chain issues and rising costs along with MPAC cancelling property value reassessment for a third year in a row."QUICK FACTS The 2023 budget has a net levy of $6,378,496.

The Township of Lake of Bays has a population of 3,759.

The tax rate in Lake of Bays has increased on average 2.99 per cent annually over the past 10 years.

The Township of Lake of Bays has the second-lowest residential tax rate in the district.

The District of Muskoka has the second-lowest commercial tax rate and the lowest industrial tax rate in Ontario.

NEWS

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2023-03-23T07:00:00.0000000Z

2023-03-23T07:00:00.0000000Z

https://communitynews.pressreader.com/article/281586654843526

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