There is an urgent need to attract new business to Oakville.
A study prepared for the Oakville Economic Development Alliance, using 2005 tax data, estimates that if new business investment slows by 20% residential property taxes would increase by almost 8%—or $271 per household annually.
Businesses in Oakville currently pay between 2.4 and 3.6 times the tax rate of residential property owners even though they use less than half the municipal services used by a typical resident and pay for services they don’t even receive. In fact, these businesses subsidize programs and services for residential tax payers.
A low ratio of employers to residents also has serious environmental consequences. Sixty percent of Oakville’s employed residents have to leave the community every day to get to work. Encouraging businesses to locate and stay in Oakville will help reduce the impact commuting has on the world around us.
A liveable community must be financially sustainable. Development charges in the short term, along with property taxes gained from businesses over the long term will provide revenues to build needed infrastructure.
Retaining and attracting businesses to Oakville will help to off set increasing costs for delivering municipal programs and services—and will ultimately help reduce the rate of increase in residential property taxes.
Join the Chamber of Commerce today.