Mississauga homeowners expect small increase in property tax bill
Homeowners in Mississauga can expect to see a small increase in their property tax bill following the official approval of Mississauga’s 2021-2024 Business Plan and 2021 Budget.
City Council approved the City of Mississauga’s 2021-2024 Business Plan and 2021 Budget on Feb. 21.
For 2021, the overall residential property tax increase will be 2.1 percent, of which 1 percent is the City of Mississauga’s portion and 1.1 percent is the Region of Peel’s portion. This equates to approximately a $56 increase on the City’s portion of the property tax based on an average residential property valued at $730,000 or $7.71 per $100,000 of assessment.
“Together our Council members approved a fair and equitable budget that allows us to keep taxes low while continuing to respond to the pandemic. Staff worked incredibly hard to bring forward a balanced budget that still delivers the essential City services that residents need and expect, including transit, library, and fire and emergency services, despite revenue losses,” said Mayor Bonnie Crombie. “We have been strong and resilient as a City through the pandemic and will continue to deliver value for money for residents while making the strategic investments that are needed to move us forward and stay competitive.”
On June 24, 2020, City staff introduced the preliminary 2021-2024 Business Plan and 2021 Budget. An update regarding the impact of COVID-19 was included. On November 23, 2020, an overview of the proposed Business Plan and Budget was presented. The 2021 Budget considered financial recovery strategies, outlined to Budget Committee throughout 2020, to offset budget pressures due to the pandemic. These included:
– Return to normal fee schedule and collection as soon as possible
– No new material service level changes in 2021
– Reduction in discretionary spending
– Critical assessment of capital expenditures
– Use of reserves
– Continued collaboration with other municipalities to seek assistance from higher levels of government
– Increase in user fees
“COVID-19 presented new challenges that our staff quickly rose and adapted to while honoring our commitment to service excellence, fiscal responsibility, and continuous improvement,” said Paul Mitcham, City Manager and Chief Administrative Officer (CAO). “Early on, with Council direction, the City took actions to mitigate the financial impact such as temporary staff layoffs, a hiring freeze, discretionary spending review, and deferral of some 2020 capital projects. We greatly appreciate the funds allocated by the federal and provincial governments through the Safe Restart Agreement (phase I and II spread over 2020 and 2021). I am proud of our staff that worked diligently with Council throughout the pandemic to deliver a solid budget that will help us through recovery and to move forward and prepare for the years to come.”
Property taxes in Mississauga are used to fund services provided by the City of Mississauga, the Region of Peel, and the Government of Ontario for the Ministry of Education. Of every property tax dollar, 36 percent goes to the City; the rest is divided between the Region of Peel at 45 percent and the Government of Ontario at 19 percent.