London city council approves lower property tax increase for 2021 budget – London

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London city council approves lower property tax increase for 2021 budget - London

London city council has rubber-stamped its budget for 2021 as politicians approved a 3.4 per cent tax hike.

It is a smaller increase than the 4.4 per cent bump originally planned under the 2020-23 multi-year budget discussion in March 2020. The change will only impact the 2021 budget and not the budget in the two years to follow.

The document outlines $1.04 billion in city hall spending this year and saddles property taxpayers with a 3.4 per cent increase. That will mean $101 more for the average residential taxpayer with an assessed value of $241,000 last year.

The tax cut comes in part from a reduction in $500,000 in funding meant to close the infrastructure gap.

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In March, councillors voted to increase the amount of money allocated to improve city infrastructure from $4.5 million to $7.5 million.




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