The average South Dundas residential property owner can expect to pay about $35 more in property taxes this year when the counties and education components are included.
An average South Dundas residential property is valued at $178,641.
Recent United Counties of SDG budget deliberations resulted in a $23 typical increase to the Counties levy and now South Dundas has agreed to a $12.19 increase to the average South Dundas residential property owner. The education component has been reset to offset the phase-in property assessment increase.
South Dundas council was asked by South Dundas treasurer Shannon Geraghty at the March 17, regular council meeting to clarify the intent of recent budget deliberations.
Although South Dundas deputy mayor Jim Locke didn’t want to see anything less than a 2 per cent increase in taxes paid by the average residential taxpayer, the majority of council agreed that a 1.5 per cent dollar increase would be sufficient for 2015.
With the proposed increase, South Dundas will collect 6.54 per cent more money ($342,000) from taxes than it did in 2014.
During budget deliberations, South Dundas council had cut enough from the budget to put South Dundas in a position to collect 2.26 per cent more money ($118,200) than the previous year.
In that case, the average residential ratepayer would have been paying less than last year, according to Geraghty.
“It is more financially responsible to collect a little more this year, than to wait and have to collect even more next year,” explained Geraghty, who expects that more debt will be incurred as projects like the industrial park expansion and waterfront projects progress.
Now, by council opting to go with the 1.5 per cent average tax increase, they will have more money to put back into the budget. For now, their intent is to hold the extra funds in reserve.
Last year South Dundas collected $5,231,000 from taxation. This year, they will collect $5,573,000 from taxation.
According to the treasurer, the municipality continues to maintain healthy reserves.
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