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SYLVAN TAX RATE

Sylvan Lake 2019 Tax Rate Bylaw

May 15, 2019 | 7:05 AM

SYLVAN LAKE- The Town has approved its 2019 Tax Rate Bylaw.

Council had previously approved a 2.74% residential and non-residential increase to municipal tax rates, however, due to a 2018 surplus, and assessment growth, property tax rates increases have changed.

Residential property tax rates increase only by 1.2%, while non-residential property tax rates remain unchanged from 2018.

Provincial Education Taxes- The Provincial budget is not scheduled until the fall of 2019, which presents a new situation for the municipality – we are unaware of potential changes to the education taxes.

As a result, education taxes are estimated based on a two-year average, the 2019 education requisition increases from $6,599,171 in 2018, to $6,824,993 in 2019.

When the government passes the budget in the fall and sets up the education tax amounts, any difference between the estimated amount and the actual is reconciled as part of the Town’s year end process with an adjustment made in 2020 if necessary.

Sylvan Lake Foundation- The 2019 Sylvan Lake Foundation requisition (affordable senior housing), increases from $245,124 in 2018, to $300,000 in 2019.

Combined assessment and tax notices are mailed out on May 24, with a payment due date of Wednesday, July 31.