Annual Tax Rate Increase
We measure progress towards long-term outcomes by tracking key indicators for the Peel community.
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. Further, the Region of Peel aims to achieve an annual tax rate increase to be in line with the Bank of Canada's core inflation rate target range of 1–3%.
How is this measured?
The Bank of Canada targets inflation to be in the range of 1–3% with a core inflation target of 2%. Regional 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 Regional Council's prudent decisions to set budget targets in line with inflation, an average tax rate increase of 2% has been achieved over the last five years, in line with the average Consumer Price Index for Toronto for the same period. The Region of Peel has achieved low tax increases by continually implementing process improvements to deliver operational efficiencies. Regional net tax increases include both the operational increases as well as infrastructure levies to support Peel assets. For more information about the Region of Peel's budget process and other finance related information, please visit Finance.