On March 14, 2023, the Township’s Council approved the 2023 municipal budget. This budget includes a 6 per cent increase in the tax levy to address inflationary pressures. This increase will result in an additional $32.88 in taxes for a property assessed at $300,000 in Lake of Bays.
The Township of Lake of Bays is committed to responsible financial management and ensuring that residents receive high-quality services. The 2023 budget reflects this commitment and will help to maintain and enhance the quality of life in our community.
Despite the current economic climate including the highest rate from the Bank of Canada since 2008, supply chain issues and rising costs along with MPAC cancelling property value re-assessment for a third year in a row, Lake of Bays has the second lowest residential tax rates in the Muskoka region.
“We are facing unique challenges at budget time due to high bank rates and fuel costs, as well as supply chain disruptions that have led to long wait times and significant cost increases,” said Mayor Terry Glover. “Despite these challenges, I believe the efforts put forth by staff in developing the 2023 Budget strike a balance between fiscal responsibility and fostering a thriving and vibrant community.”
Quick Facts:
- The 2023 Budget has a net levy of $6,378,496, representing a 6 per cent increase in the tax levy, resulting in an additional $32.88 in taxes for a property assessed at $300,000 in Lake of Bays.
- The Township of Lake of Bays has a population of 3,759.
- The tax rate in Lake of Bays has increased on average 2.99 per cent annually over the past 10 years.
- The Township of Lake of Bays has the second-lowest residential tax rate in the District.
- The District of Muskoka has the second-lowest commercial tax rate and the lowest industrial tax rate in Ontario.