Kincardine property tax rates could be increasing by as much as 10.7% in 2023.
Next year’s budget report was presented to council on Monday, and showed a projected $1.224 million increase of operating expenses, with staff pointing to inflation as a cause for some of the increase.
The projected rate hike works out to a $227 annual increase for the average Kincardine residential property, however that calculation is still based on Municipal Property Assessment Corporation (MPAC) evaluations from 2016. MPAC hasn’t updated property values over the past few years due to the pandemic.
The hike in rates will also cover a 3% increase to fund a capital reserve contribution for Kincardine’s asset management program.
The final rate won’t be determined until Council approves the budget and passes the taxation bylaw which will likely come at the end of February or March.