By rdnewsNOW staff

Tax Rate Approved

2020 tax rate approved in Lacombe

May 27, 2020 | 12:00 PM

Property owners in Lacombe may only see a modest increase to their taxes this year.

On Monday, city council approved the annual property tax bylaw, which includes an average tax increase of one per cent. With the increase, City officials say the municipality continues to hold property tax increases to inflation, or less.

“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,” says Mayor Grant Creasey, in a release. “The City is able to meet its commitment to limit tax increases to the Consumer Price Index, even during these extraordinarily challenging times.”

“Like many communities, Lacombe was impacted by a slower economy in 2019 and the ongoing coronavirus pandemic,” adds Chief Administrative Officer Matthew Goudy. “Council and City administration have taken proactive steps to limit expenses and maintain a conservative approach to taxation.”

In addition to levying municipal property taxes, Bylaw 479 also collects funds on behalf of the Lacombe Foundation, the Alberta School Foundation Fund and the St. Thomas Aquinas Roman Catholic Separate Regional Division No.38.

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In 2020, Bylaw 479 is expected to generate a combined $20.07 million in tax revenue, split approximately 75 per cent for the municipality and 25 per cent for the Province, comprised of the following:

• Municipal Revenue – $14,967,912
• Provincial School Foundation – $4,833,318
• St. Thomas Aquinas RCSRD – $155,548
• Lacombe Foundation Requisition – $111,179
• Designated Industrial Requisition – $1,289
• Total – $20,069,246

Although individual situations may vary, City officials note most residential and non-residential property owners will see a decrease in their property tax bill in 2020 due to lower than predicted growth in the education portion of the property tax.

Tax notices will be mailed by the end of May, with the deadline to pay without penalty, being Dec. 31, 2020 to assist those impacted by the COVID-19 crisis. Any payments received after the deadline will be subject to a 10 per cent penalty.

The City of Lacombe encourages property owners who can make their tax payments in June to please do so to minimize the impact on cash flows needed to provide essential services to the community.