Lake of Bays residents are looking at a 5.99% tax increase for 2025.
The year’s operating and capital budget was approved at a special council meeting on Tuesday (Jan. 28). It means property owners will pay an additional $12.72 for every $100,000 of assessed property value.
To balance the 2025 budget, over $4 million in debt financing, as well as transferring over $2 million dollars from reserves were both approved.
The town says with decreasing interest rates from the Bank of Canada, the timing for borrowing allows the Township to tackle important projects, keep reserves for future needs, and deliver an affordable budget for Lake of Bays residents.
Investments include a new pumper truck in Baysville, over $2 million dollars for roads and infrastructure, and $1.7 million for the renovation of the Dwight Community Centre and Library over the next two years.
For a complete breakdown of the 2025 operating and capital budget, the full document will be available once finalized at Lakeofbays.on.ca/Budget.
