Council held a Special Meeting this past week to go over and approve the 2021 Operating Budget as well as a few other pertinent items that Administration brought forward.
The meeting started with Council directing Administration to set up a Mill Rate Stabilization Reserve to ensure that the Town can maintain service levels as they are in the event of an economic downturn, as seen this past year. Council also approved the transfer of $2,355,500 from Unrestricted Surplus to kickstart the Reserve.
With the passing of the 2021 Operating Budget, Council has also put a hold on the Mill Rates except for Non-Residential-Vacant properties, which have been decreased by 5% (37.913 to 36.0174).
It is important for homeowners to note that though there has been no increase in the Mill Rate, there is potential for increases in other sections of your Property Tax Assessment. School Taxes, Seniors Foundation, and Property Assessments, which are determined provincially or by 3rd-party assessors, may increase or decrease from year to year.
Definitions
Operating Budget – Expenditure and revenue generated from the daily business functions of the Town.
Mill Rate (tax rate) – the amount of tax payable per dollar of the assessed value of a property. Based on “mills”; as each mill is one-thousandth of a currency unit. (e.g. one mill=$0.001)
Property Assessment – dollar value assigned to a property for the purpose of taxation as determined by a certified assessor.
School Taxes (education property tax) – provides Alberta’s education system with a stable and sustainable source of revenue.
Seniors Foundation – assists with the cost of providing affordable seniors housing.