London, Ont., council approves four-year budget; tax increase set at 8.7% for 2024
Global News
Compared to other Ontario single-tier municipalities of similar sizes, London has one of the largest tax increases for 2024, with only Toronto coming out on top.
City council in London, Ont., has officially approved the four-year municipal budget, including the London Police request for an increase in the hundreds of millions of dollars over the life of the budget.
The budget includes a four-year average tax increase of 7.5 per cent, with an average increase of $277 to the “average” London home, which is defined as a home assessed at $252,000.
The first year of the budget includes a tax increase of 8.7 per cent, or a $286 increase.
Five per cent of that increase comes from the controversial London police budget request for $672 million over four years. That funding will cover the costs of 97 new officers, new equipment, a training facility, and a second light-armoured vehicle.
So, how does London’s tax increase stack up to other municipalities?
Compared to other Ontario single-tier municipalities of similar sizes, London has one of the largest tax increases for 2024, with only Toronto coming out on top.
Compared to national budget increases, London again comes out close to the top.
Looking at the country’s most populous cities that have passed a budget and don’t pay any regional property tax, London maintains its second-place spot.