Annual Tax Rate Increase
Area of Focus: Leading
Strategic Objective: I trust that sustainability and long-term benefits to future generations are considered.
Target: Achieve a tax rate increase in line with Bank of Canada's core inflation rate target range of 1-3%.
Region of Peel's Annual Tax Rate Increase
Note: 2017 Consumer Price Index Toronto is assumed at 2.1%.
Why is this important?
The Region of Peel strives to minimize financial impact on taxpayers, while maintaining essential and expected service delivery for our growing community. We strive to achieve an appropriate balance between meeting community needs and maintaining long term financial sustainability.
How is this measured?
The Bank of Canada targets inflation to be in the range of one to three percent with a core inflation target of two per cent. Council approves a tax rate target, for the development of the annual Budget, which considers both inflation and regional service demands. The annual tax increases are kept in line with inflation.
What progress are we making?
Through Council's careful decisions to set budget targets in line with inflation, an average tax rate increase of 1.7% has been achieved over the last five years. The Region of Peel has achieved low tax increases by continually improving the process of service delivery to ensure it is done in the most cost-effective manner.