Breaking News: Edmonton Budget Shortfall Risks Bigger Property Tax Hike in 2025, City Warns
Edmonton, AB – The City of Edmonton is facing a significant budget shortfall, which could lead to a bigger property tax hike in 2025, officials warned on Thursday. According to a report presented to the Edmonton City Council, the city is expecting a $43 million shortfall in its 2025 budget, which could result in a property tax increase of up to 4.5% next year.
The news comes as a shock to residents who are already feeling the pinch of rising living costs in the city. The city’s financial struggles are attributed to a combination of factors, including declining property values, a slower-than-expected recovery from the pandemic, and increased costs for municipal services.
"We’re facing a very challenging budget situation, and we’re exploring all options to address the shortfall," said Edmonton Mayor Amarjeet Sohi. "Unfortunately, a bigger property tax hike is a possibility, but we’re committed to being transparent and accountable to our residents."
The proposed 4.5% property tax hike would add approximately $120 to the average property tax bill in Edmonton. This is in addition to the 2.4% property tax increase already approved for 2024.
The city is urging residents to provide feedback on the proposed budget and tax hike through an online survey, which will be available until October 31st. The city is also exploring other options to reduce the shortfall, including increasing fees for municipal services and seeking provincial funding.
Stay Informed:
- Property Tax Hike: A bigger property tax hike could be on the horizon for Edmonton residents in 2025.
- Budget Shortfall: The City of Edmonton is facing a significant budget shortfall, expected to reach $43 million in 2025.
- Municipal Services: The city is exploring ways to increase revenue for municipal services, including potential fee increases.
- Provincial Funding: The city is seeking provincial funding to help alleviate the budget shortfall.
- Resident Feedback: Residents are encouraged to provide feedback on the proposed budget and tax hike through an online survey.
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Edmonton budget shortfall risks bigger property tax hike in 2025, city warns | CBC News
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