Tax rate going up for multi-family properties in Red Deer
A property tax rate increase is on the way for owners of multi-family residential properties in Red Deer.
City council on Tuesday approved a phased-in increase for these properties in a bid to create more equity. Property tax rates for buildings with three or more family dwellings will increase by 15 per cent over the next five years.
The change does not apply to condos, townhouses or duplexes.
Joanne Parkin, the city’s revenue and assessment services manage, told council that multi-family properties seem be to retaining their value more than single-family units, creating inequity in the tax system.