Edmonton residents may see a significant increase in their taxes by the year 2025, according to a recent report released by the city’s administration.
The report, which was presented to the city council on Tuesday, outlines a potential tax hike of 4.9% for the next four years, starting in 2022. This would result in an average increase of $100 per year for homeowners.
The proposed tax increase is said to be necessary in order to fund various city projects and services, including infrastructure improvements, public transit, and affordable housing initiatives. The report also cites the impact of the COVID-19 pandemic on the city’s finances as a contributing factor to the proposed tax hike.
City officials have emphasized that the tax increase is not set in stone and will be subject to further discussions and revisions before being finalized. They have also assured residents that they will work to keep the increase as low as possible while still meeting the city’s financial needs.
However, some residents are expressing concern over the potential tax hike, especially in light of the economic challenges brought on by the pandemic. Many are worried about the impact it will have on their already strained budgets.
In response, city officials have stated that they are committed to finding ways to mitigate the impact of the tax increase on residents, such as exploring alternative funding sources and implementing cost-saving measures.
The proposed tax hike will be further discussed and debated by the city council in the coming weeks before a final decision is made. Residents are encouraged to voice their opinions and concerns during this process.
In the meantime, the city administration is urging residents to stay informed and engaged in the discussions surrounding the tax increase. They have also emphasized the importance of balancing the city’s financial needs with the well-being of its residents.
As the city continues to navigate through the challenges of the pandemic, the proposed tax hike remains a topic of great importance and will continue to be closely monitored by both city officials and residents alike.
