At today’s Council meeting, Newmarket Council approved a fiscally responsible 2.99 per cent tax increase (Town portion). Council and staff worked diligently over many months, engaging the community throughout the process, to deliver a budget that limits the financial impact to residents as much as possible, while planning for the continued future success of the community.
“The budget is always a challenging process as we strive to keep municipal taxes as low as possible, while balancing the current and future needs of our community and maintaining the high level of service that continues to make Newmarket a top place to live in Canada,” says Mayor John Taylor. “We recognize that these are very tough financial times for everyone and we continue to be successful in keeping Newmarket’s property taxes on a per capita basis approximately 10 per cent lower than the GTA average.”
The 2.99 per cent tax increase equates to an approximate $75 increase per year for the average assessed home*. To date this is anticipated to be the lowest tax increase in York Region for 2025. The following outlines the average household cost per day for various Town services:
The total approved 2025 Operating Budget is $172.6 million, and the Capital Budget is $74.6 million for a combined total of $247.2 million. The 2025 Budget also includes an annual increase of $49 on the water and wastewater bill based on annual consumption of 200 cubic metres, and an annual increase of $8 for the stormwater charge based on a 465 square metre lot. The 2025 Budget will continue to be aligned with Newmarket’s Fiscal Strategy that ensures the Town’s future sustainability as a community.
Operating Budget
The Operating Budget ($172.6 million) pays for the day-to-day services including emergency and fire services from Central York Fire Services and the operation of the Newmarket Public Library. Property taxes account for 46 per cent of the operating budget with the remaining funded through other revenue sources (provincial grants, user fees, sponsorships etc.).
Some highlights of the service and amenities that continue to make Newmarket a top place to live and work in Canada, include:
Capital Budget
The Capital Budget funds major construction projects and repairs and upgrades to the Town’s assets and infrastructure. Capital projects are funded from dedicated sources. Highlights of the Capital Budget include:
Improvements to Newmarket’s Parks and Trails, including the Northwest Quadrant Trail Extension.
Continued work on Newmarket’s iconic Mulock Park – an extraordinary park for today and tomorrow.
Continued work on the Mulock Multi-Use Path which will run from Bathurst Street to Harry Walker Parkway (approx. 6km) along Mulock Drive.
Improvements and upgrades to Newmarket’s facilities.
Road resurfacing projects to ensure safe Newmarket roads.
Continued investment into the maintenance of stormwater ponds that will reduce localized flooding and protect the environment from stormwater runoff.
Commitment to upgrades to sport pads and parkettes, as well as a clubhouse for the newly opened state-of-the-art tennis facility, and a new pickleball facility expected to open in 2025.
For more information on the 2025 Budget, and a more detailed breakdown of the budgets, please visit newmarket.ca/2025budget. Watch a recap of just some of the Town’s accomplishments in 2024 here.
To learn more about Council’s priorities for the 2022-2026 term and how they are setting the stage for an extraordinary future, please visit newmarket.ca/CouncilPriorities.
*The average assessed home by MPAC is valued at $711,000 in Newmarket. Property Assessments are conducted by MPAC (Municipal Property Assessment Corporation). All properties are valued in the state and condition as of January 1, 2016 and may not reflect the current market value
