WATERLOO -- The City of Waterloo has approved a 3.1 per cent property tax increase for 2022.
A media release from the city said that means the average household will pay an extra $3.57 per month, or $42.84 per year, on their property taxes.
The increase is broken down into 1.8 per cent for base budget and 1.3 per cent for service level changes and infrastructure improvements.
“The escalating cost of goods and services impacts the city’s cost of doing business and as such, an operating base budget increase of 1.8 per cent for 2022 is in fact lower than current and forecasted inflation,” said Coun. Jeff Henry, the city's finance liaison, in the release. “Similar to other municipalities, we have a pressing need to close the infrastructure gap. We need to enhance the money we spend on our roads, parks and facilities to ensure they are at a level that our community expects and deserves.”
The budget also includes a tax deferral program for residents who are facing financial challenges due to the COVID-19 pandemic.
Other initiatives planned by the city for 2022 include:
- Funding for new Eastside library branch and other libraries
- Funding for the city to transition to paying a living wage
- Adding a fire prevention officer
- Sports park improvements
- Urban forest strategy
- Park shade structures and washrooms
In 2021, city officials said they made $54 million in capital investments, spending money on the new Eastside library branch, expanding the Waterloo Memorial Recreation Complex, creating a diversity, equity and inclusion team, and more.
