Latest news with #taxincrease
CTV News
4 days ago
- Business
- CTV News
Victoria Beach residents frustrated over tax increases
Winnipeg Watch Residents of Victoria Beach are not happy with a 50 per cent property tax increase coming to their homes.
CTV News
7 days ago
- Business
- CTV News
Windsor to change budget process for 2026, councillors to forego committee work
The process for the 2026 budget will be different from last year in Windsor. A brief update was provided to city council on Monday regarding the process and dates for when the budget will be tabled. For the 2025 budget, the 10 city councillors served on three different committees to find savings. Windsor mayor Drew Dilkens has announced that will not be occurring for the 2026 budget. Dilkens says he heard feedback from the councillors that they felt the meetings weren't productive based on the outcome. Administration stated during the meeting that it was still too early to give an indication of where the budget is at. A 12.9 per cent tax increase had been proposed in September 2024 for the 2025 budget. Dilkens then tabled the budget in early January 2025 with a 2.99 per cent tax levy increase. The budget was finalized at 2.98 per cent. Janice Guthrie, commissioner of Finance and City Treasurer, says the city will have to tighten up the belt strings on spending. 'The mitigating measures we have put into place, some of those are drying up, and so we are going to have to look deep. And so in terms of our Agencies, Boards, and Committees, we have always asked them to keep their budget at the previous years approval.' Dilkens says there won't be committees in place for this upcoming budget. 'I spoke to every member of council, and most of them actually said they didn't find it that helpful. So, if we're not adding value in the process through that structure, I'm certainly willing to work with council to find another structure that they think is appropriate, but I haven't had any of them come back to me and suggest another structure. And so, they always have the ability as they always have to apply in on the budget, to feed into the budget, to make recommendations.' He says the pressure this year is not as large as it was last year, but it's not far off. 'I'm not saying we're breathing a sigh of relief, we still made a commitment, I made a commitment to bring the budget in at or below the rate of inflation - that's still my goal,' says Dilkens. 'But every year when you have a lot of pressure it becomes more difficult to do that work. And so, we're only in July, we're halfway through the year, so there's a lot more clarity that has to come which will come over the coming months.' Another update on the budget is expected at the next council meeting this month. Administration estimates having the 2026 Operation and Capital budget approvals well before the legislative tabling date of Feb. 1, 2026. Under Ontario's Strong Mayor Powers, once the budget is tabled council will have 30 days to review and make any recommendations for change. Ward meetings will also continue this upcoming September and October to allow residents the opportunity to meet with the mayor and city council members and offer feedback. — Meagan Delaurier/AM800 News
Yahoo
15-07-2025
- Business
- Yahoo
Bernalillo County properties see increase in value
BERNALILLO COUNTY, N.M. (KRQE) – Some Bernalillo County property owners could be in for sticker shock when they get their tax bills this year. This, as the county assessor catches up on years of uncompleted property assessments. 'On average, we had about a 76% increase in the values of our commercial properties,' says the owner of Alien Sigman Real Estate Group, Lance Sigman. He is one of the many commercial property owners who have seen an increase in the value of their properties, and high values can mean higher taxes. 'There's a trickle-down effect that's not just property taxes, but all these other costs that I've mentioned, they all build up. They all multiply to then impact the small business, which in turn impacts the consumer,' says Sigman. Increases to some taxes and fees in New Mexico go into effect on July 1 These higher property values come as counties in New Mexico kick up efforts to evaluate all properties accurately. 'We're doing a better job than was previously done before,' says Bernalillo County assessor Damian Lara. He says it may seem like a dramatic change, but it's the result of their office following state law to calculate values. 'So we knew that many non-residential, particularly commercial properties had been undervalued for over 10 years,' Lara says. His office, prioritized residential assessments over commercial properties, as they dealt with years of staffing shortages. But now, with the office finally at full staff, Lara says they're catching up. Albuquerque City Councilors approve tax abatements for two redevelopments sites He says of the 20,000 commercial properties they assessed, a little less than half saw an increase in value. But NAIOP New Mexico, which represents commercial real estate owners, says some of those amounts were shocking. 'There's a lot of folks who are deeply concerned and frustrated when they get a letter that says their property has gone up 704%. That is not something that can be absorbed in a single year,' says Rhiannon Samuel, Executive Director of NAIOP New Mexico. Assessor Lara says while property valuation is one factor in determining property taxes, a value increase does not always lead to a tax increase, and there are other factors as well. 'If the state, the county, all of the municipalities, the school board, all of the other taxing authorities, they typically ask for a little bit more money each year than they did last year,' says Lara. For residential properties, there is a cap preventing property taxes from increasing more than 3% per year. Commercial properties do not have any such cap. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Bloomberg
14-07-2025
- Business
- Bloomberg
Harvard Warns US Actions Will Cost Almost $1 Billion Annually
Harvard University warned that the combined cost of federal actions against the school, including a recently passed tax increase on its endowment, could approach $1 billion annually. The university said its leadership in each school and unit will continue to cut expenditures and a hiring freeze for faculty and staff will continue, according to a letter sent out by president Alan Garber and other leaders on Monday.
CBC
11-07-2025
- Business
- CBC
Northern Ontario township to shut down all municipal services next month due to financial crisis
The small northeastern Ontario township of Fauquier-Strickland, located on Highway 11 near Kapuskasing, says it will cease all municipal services as of Aug. 1, due to a $2.5-million operating deficit. The municipality of 467 people, according to the 2021 census, said in a news release that the alternative to shutting down municipal services would be to impose a 190 to 230 per cent property tax increase for all residents. That tax increase would have tripled most tax bills and potentially forced families from their homes. "Despite ongoing requests for provincial intervention made to the Ministry of Municipal Affairs and Housing, no concrete assistance or direction has been provided," the news release said. "A letter sent to Minister Robert Flack on July 2, 2025, requesting immediate ministerial intervention has received no substantive response." In an email to CBC News, Alexandra Sanita, a spokesperson for Flack, said the Ministry of Municipal Affairs and Housing is "actively engaging with the Township of Fauquier-Strickland on their local challenges." Fauquier-Strickland said its financial crisis is due to accumulated operating deficits that have depleted all operating and reserve funds. Mayor Madeleine Tremblay said upgrades to the municipality's water filtration system during the COVID-19 pandemic went over budget, leaving the small community with a bill for $1 million. Tremblay said many other small municipalities in Ontario are facing similar challenges due to rising costs and a small tax base to cover basic operations. "We're one of the first, I would say. And I think that's why the minister is hesitant to give us an answer," she said. Tremblay said the township is looking into options to continue garbage collection if it has to shut down municipal services by Aug. 1, when the five township employees would be laid off. She said residents will still get access to hydro and water if the local government ends up shutting down. No cash reserves "The municipality has been operating with zero cash reserves for over a year, relying heavily on credit to fund ongoing operations," a release from the township said. Fauquier-Strickland council increased property taxes by 26 per cent last year to help address the financial problem. Tremblay said many of the township's residents are on fixed incomes, and would find it challenging to pay additional property taxes. Fauquier-Strickland said it's requesting immediate intervention from Ontario's Ministry of Municipal Affairs and Housing, including the appointment of a municipal supervisor or administrator, and some emergency financial assistance. Not since the Great Depression Zachary Spicer, an associate professor at York University's School of Public Policy Administration, told CBC News a municipal bankruptcy in Ontario hasn't happened since the Great Depression, nearly 100 years ago. "Reading the press release, it seems to me like this is really just the town kind of waving the white flag and being like, 'You know, the province does something or like we're done,'" he said. Spicer said the reason many Ontario municipalities were amalgamated in the early 2000s was because they were no longer financially viable on their own. He said he expects the province to take action before the township is forced to shut down municipal services. "The province doesn't allow things like this to sort of occur without a game plan," he said. "So I suspect there is a kind of an emergency break glass type of plan or scenario that the province has." In the short term, Spicer said the provincial response could include some emergency funding to keep municipal services running. Over the longer term, he said there will likely be conversations around amalgamating with nearby municipalities along Highway 11, since many small towns across Ontario are also in bad financial shape. "It's tough and they've been sounding the alarm for the last 10 to 15 years," he said. If Fauquier-Strickland is forced to shut down municipal services by Aug. 1, Spicer said he wouldn't expect there to be an obligation for residents to continue paying their property taxes. Although he said there are likely homeowners who have already paid their taxes for the year.
