A balanced city budget means homeowners may see an increase in their taxes. City council is reviewing a bylaw to increase the mill rates for this tax year.
According to the city, the total taxable assessment for this year is $4.442 billion, down from $4.501 billion last year. It reflects a 1.3 per cent decrease overall. This year, with the assessment and proposed mill rate changes, the tax levy will collect an estimated $36.1 million as approved in the 2019 budget.
Mayor Gerald Aalbers says that it’s a necessary increase that comes down to assessments. With a decrease in tax value, the mill rates will need to go up. Aalbers says that one day the mill rates may decrease, but that depends on whether the city will see more property assessment growth.
“We’re feeling the same pressures throughout Alberta and Saskatchewan. There’s not a lot of growth, and without that growth, then you’ll see the mill rate reflected. That difference has to be made up,” says Aalbers.
Some of the mill rates have changed since last year. The former capital projects levy has been combined into the municipal mill rate. The Business Improvement District mill rate will not be levied since the BID was dissolved last year. Notices will be printed and mailed out in May while taxes are due June 30.