Residents of a small community near Listowel may see one of the biggest property tax increases in the province this year.

As things stand now, Howick Township plans to increase property taxes by 27 per cent for 2015.

“The average resident is looking at a $225, $230 tax increase at this point,” township reeve Art Versteeg tells CTV News.

After several years of increases around the inflation level, Howick residents were asked to pay an extra 11 per cent in municipal taxes in 2014.

This year’s proposed increase is significant higher than that, and Versteeg says he sees two or three more high increases in the cards in coming years.

He chalks the increases up to changes in provincial funding formulas, including one which has seen the township lose 16 per cent of its funding through the Ontario Municipal Partnership Fund.

Although the township knew the cuts were coming, Versteeg said, they weren’t sure how severe they would end up being.

“We’ve just seemed to end up on the wrong side of all the formulas they’ve used,” he said.

Don Millman, who runs an auto service business in the township, says he was “shocked” when he first heard of the proposed increase.

“I haven’t talked to many people yet, but the ones I have are definitely not very happy about it,” he said.

“It’s such a huge jump.”

A public meeting on the issue is scheduled for March 4, at the municipal office in Gorrie.