City of Markham Tax Increases By 2.99% to Fund New Community Infrastructure
The 2024 budget for the City of Markham will include a 2.99% property tax increase to fund new and existing infrastructure.
This year, Markham has approved a slight increase in property taxes by 2.99%, which means homeowners will pay about $40 more annually. This decision is part of Markhamβs plan to fund important projects without putting too much financial pressure on its residents. This keeps Markhamβs tax rate increase the lowest compared to other areas in the GTA for the 19th consecutive year.
The 2024 budget totals $590.5 million and is aimed at funding both new and ongoing projects. Approximately $118.3 million is allocated for 271 different initiatives, including significant investments in roads, parks, and community facilities. Another $43.8 million will be targeting projects like widening roads and building new parks and traffic systems that make walking near traffic safer. An additional $74.5 million will be set aside to maintain and upgrade the cityβs existing facilities, ensuring buildings such as libraries and community centers will be in good shape.
Besides infrastructure, the 2024 budget will also introduce initiatives such as the Low-Income Seniors Property Tax Assistance Program, designed to support vulnerable seniors by providing them with an interest-free repayment plan to manage their tax liabilities.
Markhamβs balanced budget for 2024 and its strategy to manage urban growth while also maintaining high standards of living make the city an ideal location for expanding families or investments.
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