2.3% tax hike proposed for Mississauga residents as city considers 2024 budget

Mississauga residents are facing a 2.3 per cent hike next year on the city portion of their residential property tax bill, preliminary 2024 budget figures show.

And City of Mississauga number crunchers have warned that such increases and even higher hikes could be a sign of things to come as Mississauga grapples with significant financial pressures, chief among them housing costs over the next decade.

City staff is proposing a net operating budget for 2024 of $679.5 million, 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 this year, represents an eight per cent jump from 2022.

On top of the proposed 2.3 per cent Mississauga increase on the residential portion of the tax bill, the Region of Peel is seeking approval for a $5.9-billion 2024 budget that would bring with it a 4.5 per cent property tax hike for city residents on its portion of the bill.

In addition to the $679.5-million net operating budget sought for 2024, Mississauga staff is also forecasting a capital budget of $437 million, a “substantial” portion of which is earmarked for maintaining the city’s infrastructure “in a state of good repair,” officials said in a news release containing early budget numbers for next year.

The proposed increase on the commercial/industrial part of the 2024 tax bill is 1.6 per cent.

City staff and councillors will further study the numbers at three upcoming budget committee meetings slated for Nov. 27, 28 and 29 before council approves the final financial plan for 2024. The property tax hike for residents could change as a result of debate at those sessions.

In addition, Mississauga staff note, more information is yet to come from a provincial transition board with respect to costs related to the dissolution of the Region of Peel and its member municipalities — Mississauga, Brampton, Caledon — going their separate ways as of Jan. 1, 2025.

The determination of those costs could also impact the early property tax calculations.

Those wanting more information on Mississauga’s budget and/or the budget process can call 311 or email [email protected].