{"id":185403,"date":"2025-01-29T14:12:12","date_gmt":"2025-01-29T19:12:12","guid":{"rendered":"https:\/\/doppleronline.ca\/huntsville\/?p=185403"},"modified":"2025-01-29T14:12:38","modified_gmt":"2025-01-29T19:12:38","slug":"lake-of-bays-passes-2025-budget-with-a-5-99-tax-rate-increase","status":"publish","type":"post","link":"https:\/\/doppleronline.ca\/huntsville\/lake-of-bays-passes-2025-budget-with-a-5-99-tax-rate-increase\/","title":{"rendered":"Lake of Bays passes 2025 budget with a 5.99% tax rate increase"},"content":{"rendered":"
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From the Township of Lake of Bays<\/em><\/p>\n\n\n\n

At a\u00a0Special Council Meeting on January 28, 2025, the Township of Lake of Bays Council approved the 2025 Operating and Capital Budget. This budget ensures property owners in Lake of Bays will experience the lowest dollar-amount tax increase compared to other Muskoka municipalities. Additionally, the Township continues to maintain the second-lowest overall residential tax rate in the District of Muskoka.<\/p>\n\n\n\n

For 2025, the\u00a0tax rate increase, with an assessment growth of 1.78%, is set at 5.99%, following several Council deliberations that successfully reduced the initial proposed increase by 2%. As a result, property owners will pay an additional\u00a0$12.72 for every $100,000 of assessed property value.<\/p>\n\n\n\n

Over the past decade, the Township has achieved an average annual tax rate increase of just 2.65%<\/strong>, maintaining long-term affordability while meeting community needs. The increase this year addresses deferred infrastructure and service needs that have accumulated over the past decade.<\/p>\n\n\n\n

To balance the 2025 operating and capital budget, Council approved $4,061,108<\/strong> in debt financing and transferred $2,149,087<\/strong> from reserves. An earlier financial and asset management review in December of 2023 confirmed the Township\u2019s strong financial position to manage and incur new debt. With decreasing interest rates from the Bank of Canada, the timing for borrowing allows the Township to tackle important projects, keep reserves for future needs, and deliver an affordable budget for Lake of Bays residents.<\/p>\n\n\n\n

The approved budget focuses on public safety enhancements, infrastructure improvements, and upgrades to community spaces. Notable investments include:<\/p>\n\n\n\n