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Council to consider tax relief for homeowners
City council debates the multi-year municipal budget at city hall in London, Ont. on Thursday, Feb. 6, 2020. (Daryl Newcombe / CTV London)
LONDON, ONT. -- Just four days after approving a 4.4 per cent tax hike, city council will consider taking some of the sting out of the increase felt by London homeowners.
The corporate services committee had a preliminary discussion about tax ratios, which determine how the tax increase is divided between property classes, such as residential, commercial and industrial.
Budget chair Josh Morgan supports providing significant tax relief by keeping 2020 tax ratios unchanged from 2019.
For single family homes, that would reduce the 4.4 per cent increase to 2.6 per cent. A multi-unit residential would be reduced to 3.1 per cent.
Council will receive a report in April before making a final decision. “Very important discussions are happening that will certainly impact the tax rate. This is exactly what happened last year,” says Morgan.
"The budgetted tax rate was much higher than the tax rate that residential and multi-unit residential homeowners faced. And I anticipate the same thing will happen this year and I am committed to make sure that happens.”