Expanding municipal services will gobble-up most of the $20 million of property tax assessment growth at London city hall this year, but there will still be a few million dollars left for long-term needs including debt avoidance and reducing the infrastructure gap. Assessment growth is the additional property tax collected on new construction each year (new/expanded homes and businesses). According to a new staff report, weighted assessment growth in 2026 is 1.60 per cent, amounting to $14,155,203. There is also a carryover from the previous year of $6,067,162. In total, $20,222,365 is available to fund the cost of expanding municipal services related to growth. Business Cases approved for funding through assessment growth total $14,818,115. The largest expenditures are: A municipal policy recommends that the assessment growth not spent on the approved Business Cases ($5,404,250) be divided evenly between reducing authorized debt and to the Capital Infrastructure Gap Reserve Fund. The staff report will be considered by the Strategic Priorities and Policy Committee on Feb. 24.
