Business owner in NDG reacts to budget tax increases
Posted November 29, 2022 5:32 pm.
Last Updated November 29, 2022 7:05 pm.
The co-owner of a book and toy store in Notre-Dame-de-Grâce is hoping the tax increases detailed in Montreal’s latest budget won’t impact business.
Montreal unveiled its $6.76 billion budget Tuesday morning and taxes are going up across the board.
Residential taxes are going up an average of 4.1 per cent, and commercial taxes are going up 2.9 per cent.
The tax increase will vary by borough and property valuation.
READ: Montreal unveils $6.7B budget: more taxes, bigger police force
Ramzi Soueida, the co-owner of Kidlink in NDG, hopes people will keep shopping despite having less money in their pockets.
Kidlink has been on Monkland Avenue for nearly 30 years, cultivating a loyal clientele in the process.
“I know that an increase in taxes is going to affect all homeowners around us, but will it affect to the point of decreasing their shopping for their kids or books for themselves? We’ll wait and see,” said Soueida.
Employee organizing bookshelf at Kidlink in NDG. (Credit: CityNews/Pamela Pagano)
Kidlink storefront in NDG. (Credit: CityNews/Pamela Pagano)
Montreal’s NDG is among the hardest hit boroughs for increased property taxes at 5.4 per cent – above the 4.1 per cent average.
“Down the line when we have to renew the contract or the lease, I mean, for the rent,” said Soueida. “I’m sure that will trickle down to an increase in our monthly rent.”
Inflation, housing market, COVID-19
Political analyst Karim Boulous was not surprised by the tax increases, citing three factors: inflation, the housing market, and the COVID-19 pandemic.
He says the city is effectively catching up from when taxes froze to help deal with job losses.
“The 4.1 per cent, I think on average seems like it is in line with what many experts expected and in line with the of a city as old as Montreal with infrastructure requirements and everything else that keeps the city going,” said Boulos.
Other areas in Montreal also saw hikes on their property taxes, like Saint-Leonard at 3.3 per cent.
There was a significant increase for Pierrefonds-Roxboro residents, at 5.4 per cent.
Boulous says it’s because that area is among the many where the housing market was red hot.
“I think the question Montrealers have to ask themselves is, is the administration in place, the right administration, to provide everything that we want within our capacity to pay?” he said.
