York Region is made up of nine municipalities, including King Township. In December 2019, York Regional Councillors approved the York Region Budget for the fiscal year of 2020. King Townships only elected representative on Regional Councillor is our Mayor, Steve Pellegrini.
Local Councillors, like myself, have no vote or voice on Regional issues such as the York Region Budget. However, I believe it is important for you, residents of King to understand the changes brought forward by Regional Council. I have included some high level information regarding the Budget and the impact it will have on your property tax bill this year. I will share my personal opinions at the bottom.
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York Regional Council has approved a $3.3 billion budget for 2020, the second year of a four-year budget coinciding with this term of Council.
The 2020 budget includes a net tax levy increase of 2.96 per cent. This includes 1.7 per cent to maintain Regional services and a further 1.26 per cent contribution to reserves. The total increase corresponds with the endorsed outlook from the 2019 budget.
With an average assessed value of nearly $750,000 for a residential property in York Region, this increase represents, on average, an additional $75 per household.
“Our Council remains committed to helping our communities grow in a fiscally sustainable manner and this 2020 budget represents exceptional financial management,” said York Region Chairman and CEO Wayne Emmerson. “A sound fiscal strategy enables York Region to support growth while maintaining excellent services, ensuring our financial plan is sustainable and fair to our taxpayers.”
Source - https://www.newmarkettoday.ca/local-news/regional-council-approves-296-tax-increase-for-2020-1983811
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The above information is a high level overview of what York Region has approved. It is important to note that the average home value in King City, especially Ward 1, is closer to 1.5 million dollars and would translate to an increase of $150 dollars per home this year.
This increase is also above the MPAC evaluation. As home prices go up overtime the increased value is taxable. MPAC evaluations should in theory compensate for inflationary costs that municipalities face just like every other industry. The increase from York Region is above this inflationary rate.
Once again, I do not have a vote or voice at Regional Council. I just hope this information helps to bring forward more transparency to the overall budget process. If you have any questions I am always willing to help.