City of Cambridge proposing 5.76 per cent tax hike in 2024

File photo. (CTV Kitchener)

Cambridge’s draft 2024 budget includes a 5.76 per cent increase to property taxes.

The proposed hike would cost the average Cambridge homeowner an additional $90 on the city portion of their annual property tax bill.

The Region of Waterloo, which accounts for the largest portion of that bill, agreed on a 6.9 per cent tax increase last week. That will cost the average homeowner an extra $165 next year.

Cambridge’s 2024 budget and tax increase haven’t been finalized yet and residents can register to have their say as part of a public input night on Feb. 6.

In a news release Tuesday, Mayor Jan Liggett said she thinks the draft budget strikes the right balance.

“I am confident that this budget balances the needs for keeping up with our infrastructure repairs and replacements while keeping an eye on future projects providing for the needs residents may have,” Liggett said.

The city said it had previously projected a 6.4 per cent tax increase for 2024 but staff worked to bring that down, recognizing that residents continue to be impacted by high inflation rates.

You can read the draft budget here.

Delegates should register in advance to speak at the Feb. 6 meeting. Registration can be completed online through the Delegation Request Form, or by contacting the City Clerk’s Office at [e-mail] Written correspondence can also be submitted by email.