Item - 2024.EX18.9

The Executive Committee recommends that:

1. City Council authorize that the 2025 interim levy for all property classes be based on 50 percent of the total 2024 taxes billed for each property, adjusted, as necessary, to reflect any additional taxes added to the previous year's taxes as a result of assessment added to the tax roll.

2. City Council authorize that the interim levy apply to assessments added to the tax roll for 2024 that were not on the assessment roll when the By-law was passed.

3. City Council authorize that:

a. the interim bill payment due dates for property tax accounts paid on the eleven (11) installment pre-authorized tax payment plan be: February 18, March 17, April 15, May 15, and June 16, 2025;

b. the interim bill payment due date for the two (2) installment pre-authorized tax payment plan be March 3, 2025; and

c. the interim bill payment due dates for all other property tax accounts on the regular instalment option or on the six (6) instalment pre-authorized tax payment plan be: March 3, April 1, and May 1, 2025.

4.  City Council authorize the introduction of the necessary Bills in City Council providing for the levy and collection of the 2025 interim taxes prior to the adoption of the estimates for 2025, which By-law, when enacted, will be effective as of January 1, 2025.

This report requests Council authority to adopt the necessary by-law to levy interim property taxes for all property classes for 2025 and to prescribe applicable interim bill payment due dates. The 2025 interim levy will raise approximately $2.85 billion for City purposes and will provide for the cash requirements of the City until such time as the 2025 Operating Budget and 2025 final property tax levy are approved by Council.