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Mississauga Real Estate News – City Unveals ‘Lean’ Budget for 2009

February 24, 2009

The City of Mississauga has voted in favor of their “lean and mean budget” for 2009-10. The main issue for real estate owners in Mississauga is the1.25 % property tax increase, which will amount to a reported estimated increase of $47 per household for the ‘average homeowner’ (based on a home with a value of $365,000). This when added to the Region of Peel’s tax increase will result in an overall increase of $111 – again for the ‘average homeowner’.

Some of the main issues addressed in the budget were: 
Cuts to Mississauga’s budget expenditures are to include: approx $2.5 million in administrative cuts, $5.3 million in cuts by eliminating low-use transit routes, reducing road and sidewalk maintenance and cut-backs to library hours.
Mississauga will be raising about $5 million through increased delevopment and planning/building permits and fees, raising public parking rates and a $0.25 rate hike on cash public transit fares.
For the city’s official spin on the budget, which has now been voted and approved click here.
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