Hamilton mayor pitches 2026 budget that would see average homeowner pay $230 more
CBC
Hamilton Mayor Andrea Horwath has put forward a 2026 budget that includes a 4.25 per cent residential tax increase – about $228 for the average home assessed at $387,100.
Now councillors have 30 days to review it and propose amendments before it’s a done deal.
At a city hall press conference on Tuesday, Horwath said staff were able to get the tax increase down to 4.25 per cent, the rate she set in October as a target.
She said that amount would allow the city to continue investing in infrastructure and avoid big cuts, while also being mindful of the financial pressures a bigger tax increase would put on many households.
"Holding the line doesn't mean doing less. It means making disciplined, thoughtful choices, choices that meet the needs of today while continuing to fuel Hamilton's momentum," she said.
The budget increase being proposed is lower than the increases of the past two years, with 2025 seeing a 5.6 per cent tax increase, a reduction from 5.8 per cent in 2024.
This year’s tax increase was initially forecast to be 8.5 per cent, a number proposed during last year’s budget deliberations. Staff increased that to 8.9 per cent in September in a budget outlook report.
By December, staff had whittled that number down to a projected 5.5 per cent tax increase for 2026.
The increase now on the table, 4.25 per cent, represents a tax levy increase of $70.8 million of a total tax-funded budget of $2.9 billion. Of that, $1.3 billion would come from property tax payments, according to the city.
New money to city-funded boards and agencies would account for a 1.2 per-cent tax increase, including $239 million more than last year for the Hamilton Police Service, an $18.6 million increase to the Board of Health and a $40 million increase to the Hamilton Public Library.
The proposed tax budget dips into city reserve funds less than it did last year, aiming to use $34 million this time compared to $63 million in 2025.
The mayor said the city will see slightly more money coming from user fees, and from interest on its reserve funds, and also found savings in the way it budgets for projects, including reallocating funds from where they were no longer needed.
According to a report that will come before councillors at Friday's General Issues Committee budget meeting, the first of several budget-specific meetings over the next few weeks, the city is adopting a “revised financing approach that supports affordability by leveraging surpluses from capital projects and phasing capital investments over multiple years without jeopardizing completion or operationally-required delivery dates.”
It will also defer repayment of loans from the Hamilton Future Fund for 2026.
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