Lakeshore set to hike 2024 taxes by 2.97%

Lakeshore council approved a 2.97-per-cent hike in property taxes this year, marking one of the lowest tax rate increases in the region.

The town announced Thursday Lakeshore's 2024 budget had been approved after council deliberations. It still has to return for final approval at council's next meeting.

For the average homeowner, the municipality said it means an additional $54 annually in the municipal portion of property taxes. The County of Essex and school board levies adds a further $122 per year.

“This budget takes a balanced approach that makes critical investments to meet Lakeshore's needs while limiting its impact on residents and taxpayers,” said Lakeshore Mayor Tracey Bailey in a media release Thursday.

During deliberations, council managed to lower the tax hike from the initially proposed 6.34 per cent increase.

Council also approved a one-time transfer of $700,000 from the tax stabilization reserve to alleviate the effects of inflationary pressures.

Also approved was $26 million in capital project spending, with $9.5 million allocated for roads.

Road rehabilitation accounts for $6.7 million of the sum — a significant leap from the $2.7-million spend initially proposed in the draft budget. This investment translates to 25 to 30 kilometres of road rehabilitation.

An additional $1.9 million goes to wastewater projects, $6.6 million to water initiatives, and $565,000 to stormwater systems.

Roughly $1.47 million will go towards bridges and culverts, and $620,000 for trail maintenance and tree planting.