2.3% tax hike in 2024 for Mississauga residents as city passes budget

The average taxpayer in Mississauga will pay $151 more on the city’s portion of their residential property tax bill in 2024.

That increase comes as a result of an overall 2.3 per cent tax hike for residents approved recently by council as part of the City of Mississauga’s 2024 budget.

City officials note that for the owner of an average detached, single-family home in Mississauga (valued at $730,000), the 2.3 per cent increase translates to about $151.

But the property tax story for 2024 doesn’t end there. Given the Region of Peel’s approved budget that calls for a 4.9 per cent hike on its portion of the residential property tax bill (for a total property tax hike of 7.2 per cent), most Mississauga residents will pay an additional several hundred dollars or more next year.

And that’s before regional utility costs are factored into the equation. Rising by 6.8 per cent in 2024, those costs will translate to an additional $78 per year on residents’ utility bills.

By comparison, the 2023 combined regional and city residential property tax increase was 6.08 per cent (7.2 per cent in 2024).

According to the city, its 2024 net operating budget of $679.5 million focuses on investments in infrastructure including transit, roads and emergency services.

The latest budget represents a 6.3 per cent increase from 2023 ($634.5 million). The latter, which brought about a three per cent property tax hike for residents earlier this year, represents an eight per cent jump from 2022.

Key capital investments in 2024, the city says, include:

• hybrid MiWay bus acquisitions – $87.9 million
• new fire stations and station renovations – $24.6 million
• major road construction – $22.4 million
• new park development – $41.4 million
• road rehabilitation – $44.6 million
• storm sewers – $19.2 million

“Mississauga’s 2024 budget proposes a modest 2.3 per cent increase on the city’s portion of the tax bill compared to three per cent last year. This was achieved through finding $3.7 million in savings and efficiencies while being extremely measured when considering anything new,” said Mayor Bonnie Crombie. “The budget remains prudent with tax dollars, with nearly half (2.9 per cent) of the budget increase allocated to maintaining the status quo for the 200 services provided by the city. We are exploring new opportunities to move Mississauga forward like housing, transportation, public safety and mitigating climate change. The largest investment within the budget is for transit as we look to increase service levels and support our community’s growth.”

Of 21 new initiatives proposed for 2024, 13 are funded by user fees or other revenues, or are funded from capital, and do not impact the tax rate, Mississauga number crunchers say.

These initiatives include a MiWay service increase, the opening of a new fire station, parkland growth and invasive species management programs to keep trees and parks healthy.

“Of every property tax dollar collected, only 37 cents stays in the City of Mississauga, and we’re putting that money to good use,” said Shari Lichterman, Mississauga’s city manager and CAO. “We’re committed to keeping costs low by identifying operational efficiencies, securing financial support from other levels of government and charging user fees where appropriate. At the same time, we continue to make smart investments in making the quality of life for residents better today, and into the future.”