Council approves 2019 property tax rate for Lacombe
Lacombe, Alberta (May 15, 2019) – At their regular meeting Monday, Council approved Bylaw 470, the annual property tax bylaw, which allows the City of Lacombe to align the municipal property tax rate increase with the Alberta Consumer Price Index (CPI).
“Council is pleased to be able to continue delivering essential services and programs that protect and enhance the quality of life for our residents at a reasonable cost,” said Mayor Grant Creasey. “I am pleased that the City remains steadfast in its promise to keep tax increases at or below the CPI.”
While assessment values in 2018 resulted in a reduction of value for both residential and non-residential properties, higher than anticipated assessment growth allowed City administration to transfer the increased revenue into general capital and maintain the property tax rate increase at 2.8 percent.
“Like many communities, Lacombe was impacted by a slower economy in 2018,” said Chief Administrative Officer Matthew Goudy. “Council took steps to limit expenses, and maintain a conservative approach to taxation.”
In addition to levying municipal property taxes, Bylaw 470 also establishes levies on behalf of the Lacombe Foundation, the Alberta School Foundation Fund and the St. Thomas Aquinas Roman Catholic Separate Regional Division No.38.
“The provincial election posed a problem for City administration as the school requisition figures were not available,” said Justin de Bresser, Senior Manager – Financial Services. “We have estimated the levy increases based on historic averages.”
In 2019, Bylaw 470 will generate a combined $20.06 million in tax revenue, composed of the following:
Municipal Revenue $14,741,652
Provincial School Foundation $5,040,368
St. Thomas Aquinas RCSRD $161,193
Lacombe Foundation Requisition $112,046
Designated Industrial Requisition $1,334
A typical house assessed at $380,006 will see a total tax increase of $138, or about $12 per month. The typical non-residential property assessed at $773,069 will see an annual increase of $361.
Tax notices will be mailed by the end of May, with the deadline to pay without penalty being July 2, 2019.