Each year the Town of Newmarket undertakes a detailed budget planning process to ensure we are meeting the needs of our community now and in the future. This includes valuable input from the community which helps guide the Strategic priorities of Council. While planning for the 2025 budget, the Town continues to face significant budget pressures including increased costs of goods and services, and inflation. We know that our community is feeling these pressures as well. Our goal is to continue to find the balance between keeping municipal taxes low, while maintaining the high level of services that make Newmarket a top place to live in Canada, investing in our assets and preparing for the future.
Newmarket Council Approves a Fiscally Responsible 2025 Budget
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 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 stormwatcharge 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.
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.).
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 includes projects like 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, improvements and upgrades to the Town's facilities and more.
Learn more by reviewing the media release about the 2025 Budget.
Watch a recap of just some of the Town’s accomplishments in 2024 below:
Additional Information about the Budget
