Municipal property taxes could rise by more than five percent this year.
That’s according to the Town of Prescott, which has released the full draft budget for 2024.
According to staff members, if the draft budget goes unchanged, it will require a 5.34 percent increase in municipal property taxes.
Since the education tax rate didn’t change this year, that turns into a 4.57 percent increase in what residents would pay this year.
The total increase going towards Prescott would come out to $343,601, going towards things like the St. Lawrence Lodge, infrastructure funding and “inflationary pressures.”
Staff have outlined some steps the town could take to reduce the tax rate increase before approving the budget, including increasing the price of garbage tags by 25 cents.
Council will discuss the draft budget at their next meeting, and a final deliberation is scheduled for March 18th.