By Troy Gillard

1.89% hike proposed

Tax Bylaw slated for first reading Monday

Apr 12, 2019 | 12:32 PM

Red Deer’s property tax increase this year could be lower than expected.

The 2019 Tax Bylaw is up for first reading at Monday’s City Council meeting with Administration recommending a residential and non-residential property tax hike of 1.89 per cent.

That’s down from 2.15 per cent as was forecast following the passing of the 2019 Operating Budget in January.

The result would be a $4.87 increase on the monthly tax bill for a residential property valued at $325,000, and $8.96 for non-residential properties of the same value.

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When it comes to multi-family properties, a tax increase of 4.09 per cent is proposed. The result would be a monthly tax bill increase of $10.32.

City Administration notes in its report to Council that it’s not yet know how much the 2019 education requisition will amount to due to a delay in the provincial budget, which may not come until this fall due to the election. Administration says its best estimate for purposes of tax collection is an increase of $906,966 (2.00%) in the requisition for the 2019 taxation year.

Any shortfalls in education tax collection will be interim funded from reserves in 2019. Any over or under collection of education revenue in 2019 will be adjusted through the over/under levy in 2020 and tax rates and reserves will be adjusted accordingly.

(With file from Red Deer City Council Agenda)