Montreal City Promises Residential Tax Rate Below Inflation by 2025
The city of Montreal has made a bold promise to its residents – a residential tax rate below inflation by 2025. This announcement was made by Mayor Valerie Plante during a press conference on Tuesday.
According to Plante, this promise is part of the city’s long-term financial plan, which aims to provide relief to homeowners who have been burdened by rising property taxes in recent years. The plan also includes measures to improve the city’s financial stability and reduce its debt.
Plante stated that the city is committed to keeping the residential tax rate below the inflation rate for the next four years, starting in 2022. This means that homeowners can expect a decrease in their property taxes, or at the very least, a smaller increase than what they have experienced in the past.
The mayor also emphasized that this promise is not just a one-time deal, but a long-term commitment. She assured residents that the city will continue to work towards keeping the residential tax rate below inflation in the years to come.
This announcement has been met with positive reactions from Montreal residents, who have been struggling with the high cost of living in the city. Many have expressed their appreciation for the city’s efforts to provide financial relief to its citizens.
However, some have raised concerns about how the city plans to achieve this promise. Plante addressed these concerns by stating that the city will be implementing cost-saving measures and finding new sources of revenue to offset the decrease in property tax revenue.
In addition to the promise of a residential tax rate below inflation, the city also announced that it will be freezing the commercial tax rate for the next three years. This move aims to support local businesses and encourage economic growth in the city.
Overall, the city’s promise of a residential tax rate below inflation by 2025 is a significant step towards providing financial relief to its residents. With a long-term commitment and strategic planning, Montreal is on track to achieve this goal and improve the financial well-being of its citizens.
