The 2021 TBL budget was announced on December 14, 2021. Underpinning most of the assumptions for 2021 has been the impact of COVID on our community. The Residential Rate remains unchanged for 2021. As a one year exception, the rate for Commercial Buildings will be dropped by 33.5%, and the Industrial rate will be lowered by 29%.

No sector has been as severely affected by COVID as our local small businesses. It is the Town’s priority to help them as much as possible get through 2021. Taxes are the most direct route that the Town can take.

TBL has some room to help because, paradoxically, COVID is also helping to improve our Town’s financial position. TBL is benefitting from the COVID-driven trend for some urban families to relocate to a more rural setting. This surge in house purchases is not only increasing the amounts that the Town receives from the Transfer Tax (The Welcome Tax) but is also expanding the broader tax base for the future as more families make TBL their primary residence.

Combined with the sales of existing housing stock, this trend drives a great deal of interest in new development. All the current new developments are selling well, and five promoters are currently in discussion with the Town for more new housing. TBL is encouraging more density in the downtown area and also the development of lower-cost units.

TBL is a town with a large percentage of older residents. We may be seeing an adjustment to this towards a younger demographic. Let’s hope we can support our small local businesses in the interim so that they can benefit in the future.

Full details of the budget can be found here on the Town Website