St. Thomas council sets 2024 property tax rate

(CTV News file photo)

The city of St. Thomas has set its tax rate for the coming year — and the mayor feels the city is an enviable position.

"Using a little bit of reserve funds, a little bit of moving things around we came in at just under 3, at 2.98 [per cent],” said Joe Preston.

The tax rate was set on Monday night.

City council started the evening looking at a 3.5 per cent bump, but managed to bring it down.

Preston said with the rate of inflation and ongoing social pressures, including the need for more affordable housing, is making it difficult for municipalities to keep taxes low.

According to Preston, council was able to do that and keep top growth projects on the books.

He notes that tax revenues from the PowerCo battery plant won't kick in for another two years, which will also benefit the community.