At the April 3 Council Meeting, Newmarket Council approved the 2023 Budget after working hard to find a balance between maintaining current service levels and limiting the impact on current and future tax payers. After months of reviewing options to decrease the potential tax impact, Council approved a fiscally responsible 5.5 per cent tax increase (Town Portion). This equates to a $125 increase ($10.41 per month) for the average resident (based on MPAC’s Current Value Assessment at $706,000).
See diagram below to see where resident tax dollars are allocated to:
Throughout the 2023 budget process, Council and staff worked together to find savings wherever possible. As a result of Council direction, the Town of Newmarket property tax increase was reduced significantly from the originally proposed 13 per cent to the approved 5.5 per cent.
The total approved 2023 Operating Budget is $147.3 million, and the Capital Budget is $63.1 million with a combined total of $210.4 million. The 2023 Budget also includes an annual increase of $50 per year ($4.16 per month) on the water and wastewater bill and an increase of $5 per year ($0.42 per month) for the stormwater charge for the average assessed home in Newmarket.
“The 2023 Budget has been a very difficult process, and one of the most challenging budgets I've had to face since my time on Council. This is due to inflationary pressures, our desire to limit the tax burden on residents today and in the future and ensuring all Town services are maintained,” says Mayor John Taylor. “Newmarket was not alone in this challenge, and despite them, we believe that Newmarket’s budget balances the needs of the community, while remaining fiscally responsible to fund our present and future needs.”
The 2023 Budget will maintain all levels of service to residents, continue to invest in our Asset Replacement Fund, while staying aligned with Newmarket’s Fiscal Strategy.
The Operating Budget ($147.3 million) will pay for the day-to-day Newmarket resident services including emergency and fire services from Central York Fire Services and the operation of the Newmarket Public Library. Property taxes pay for 50 per cent of the operating budget with the remaining amount funded through other revenue sources (provincial grants and subsidies, user fees, sponsorships etc.)
See below for what each Newmarket service would cost on a monthly basis for the average home assessed at $706,000 in Newmarket:
Note: The average assessed home by MPAC is valued at $706,000 in Newmarket. Property Assessments are conducted by MPAC (Municipal Property Assessment Corporation). All properties are valued in their current state and condition as of January 1, 2016 and not the current market value.
The Capital Budget funds major construction projects and repairs and upgrades to the Town’s assets and infrastructure. Newmarket continues to deliver capital programs with funding sources from development charges, grants from other levels of government and partnerships. Highlights of the Capital Budget include:
- Continued work on the Mulock Property
- Continued work on the Mulock Multi-Use Path which will run from Bathurst Street to Harry Walker Parkway (approx. 6km) along Mulock Drive
- Replacement and upgrades at various Newmarket facilities
- Replacement and upgrade of the Town’s fleet equipment and vehicles
- Road resurfacing projects to ensure Newmarket roads are safe
- Continued investment into the maintenance of stormwater ponds that will reduce localized flooding and protect the environment from stormwater runoff.
For more information on the 2023 Budget, and a more detailed breakdown of the budgets, please visit newmarket.ca/2023budget.