Their plan includes an overall increase of a minimum 0.5 per cent, an estimated $4.09-million, be dedicated to tackling the impacts of the More Homes Built Faster Act.
The region also says there will be an annual impact of 1.55 per cent property tax increase due to Bill 23. “Bill 23 More Homes, Built Faster Act, 2022 will impact the amount of development charges available to fund new and expanded infrastructure to service growth. Without development charges this infrastructure will need to be funded from other revenue sources . As outlined in Section 7.22, annual property tax increases of 1.55 per cent are needed to address the anticipated shortfall in development charge receipts. The provincial direction to develop 1.
Durham also recently increased 2024 sewer rates by 7.4 per cent, 2.5 per cent of which is to help deal with the impact of the act. “In addition to ongoing maintenance and operation of the water supply and sanitary sewerage systems, Durham Region has several major projects planned for 2024 that support provincial housing targets, local municipal housing pledges and align with the Region’s asset management strategy.”to help with infrastructure, including water and sewer, related to building new homes.