Based on the Region of Peel’s approved 0.5% tax increase and assuming no change in the Education tax, the total property tax bill for a Brampton resident would increase by 2.5% (same as 2012). This combined impact is in line with the current rate of inflation as measured by the City of Brampton’s Municipal Price Index of 2.6%.
There are three components (Region, City and Education) to the overall property tax bill, of which the City of Brampton’s portion is 42%. For 2013, the City requires a tax increase of 4.9%, which translates into a 2.0% increase on the total tax bill. This works out to an approximate $79 tax increase on the City portion of a 2013 average property with an assessed value of $347,000 (2012: $330,000).
The 4.9% provides for a 3.9% budgetary increase for the continued maintenance of existing service levels and an additional 1% levy dedicated to addressing the City’s infrastructure deficit.