Wrenford City Council has approved the draft tax rate by-law for 2025, setting a lower residential property tax rate for the coming year. The new rate represents a 4.5 per cent decrease from 2024, meaning residential property owners will pay $582.00 in municipal taxes for every $100,000 of assessed property value.
"This decision gives homeowners a bit of relief while we continue to fund the essential services and infrastructure that keep our city running," said City Manager Robert Eng. "We listened to the feedback from residents about affordability, and the balanced budget we approved in December makes this decrease possible."
Every year, Council must pass a tax rate by-law to collect the revenue needed for the City's operating budget. In 2025, municipal property taxes will cover about 48 per cent of the City's total revenue. The rest comes from provincial grants, utility fees, service charges, and interest.
The 2025 municipal tax rate is set at 0.005820, down from 0.006095 in 2024. While the rate applies to all residential properties, your individual tax bill will depend on your property's assessed value, which is set by an independent provincial assessor. If your property's value goes up, your tax bill might go up even if the rate goes down.
Your tax notice will also include a provincial education requisition that the City collects on behalf of the Province of Ontario. For 2025, the City expects to collect roughly $24.8 million for provincial education, which is a 3.2 per cent increase from last year. This provincial amount makes up about 22 per cent of the average residential tax bill.
Tax notices will be mailed out today, May 15, 2024. Payments are due on June 30, 2024. If you are already enrolled in the Tax Instalment Payment Plan, your monthly payments will be adjusted automatically. You can sign up for the plan or view your account online at the Property Tax page, which has all the standing information on payment options and deadlines. If you have questions about your bill, contact the Revenue Services team at 519-555-0100 or email [email protected].