Council approves 2018 property tax rate
Lacombe, Alberta (May 15, 2018) – Council yesterday approved Bylaw 451, the City’s annual property tax bylaw, which, based on Council’s approval of the operating budget and recommended changes in the spring budget amendment sees the 2018 property tax rate increase remain at 1.3 per cent.
“Council remains committed to fiscal restraint when delivering high quality municipal services and keeping tax rates as low as reasonably possible while maintaining current service levels,” said Mayor Grant Creasey.
Overall, residential growth was 2.04 per cent, compared to a budget forecast of 0.44 per cent. Non-residential growth was 1.43 per cent, slightly higher then forecasted. The City’s actual assessment growth generated an additional $177,000 in municipal tax revenue.
The higher than anticipated assessment growth has allowed the City to transfer the increased revenue into general capital and maintain the targeted 1.3 per cent operating budget increase.
In addition to municipal property taxes, the City collects school property taxes on behalf of the Alberta Government.
“For the third year in a row, residential property owners will see an increase in their school property taxes as the 2018 Provincial school requisition has increased by 3.9 per cent,” said Chief Administrative Officer Matthew Goudy. “However, with high residential assessment growth and higher market values for residential properties, the average homeowner will see a decrease of 1.96 per cent on the school portion of their property tax bill.”
The typical house assessed at $287,967 will see a total tax increase of $24. The typical non-residential property assessed at $815,003 will see an increase of $757, with $470 of the increase required for the school requisition.
In 2018, the City of Lacombe will generate a combined $19.13 million in tax revenue, composed of the following:
Municipal Revenue $14,138,844
Municipal Revenue - Annexed $3,284
Lacombe Foundation Requisition $114,211
St Thomas Aquinas RCSD $149,219
Alberta School Foundation Fund $4,725,237
Designed Industrial Properties $570
Tax notices will be mailed by the end of the month, with the deadline to pay without penalty being July 3, 2018.