With Peterborough’s 2023 budget set to go before city council January 30th for final debate and voting, Peterborough mayor Jeff Leal says overcoming the city’s “unfavourable” tax ratio is a major challenge.
Speaking recently on YourTV, Mayor Leal said 80 percent of property tax assessment is residential while just 20 percent is industrial and commercial. That, he says, is an unfair to homeowners, noting a more favourable ratio would be a 60-40 percentage.
Mayor Leal added widening Peterborough’s economic base must to be a priority moving forward.
The annexation of neighbouring land, said Mayor Leal, is key as part of that process, adding that’s do-able despite years of stalled talks with neighbouring municipalities.
As of now, the 2023 budget has a proposed tax increase of 3.15 percent with the Peterborough Police Services budget request of $29.1 million – a 4 percent hike over 2022 – still to come before council for final consideration.
(Written by: Paul Rellinger)
