Lacombe city council approves 2021 property tax rate bylaw

May 12, 2021 | 10:09 AM

Residents of Lacombe will see a small property tax rate increase this year.

On Monday, council approved the 2021 Property Tax Rate Bylaw (Bylaw 489) at 0.8 per cent – approximately half of the Alberta Consumer Price Index (CPI).

The Municipal Government Act requires the City to adopt an annual tax rate bylaw, with keeping tax rate increases below inflation being a strategic goal of council’s.

“I am pleased to see council has delivered on our goal to keep municipal taxes on or below inflation,” said Mayor Grant Creasey, in a press release. “It is important the City keep economic disruptions to a minimum while our residents deal with unprecedented economic challenges.”

Using an example of a home assessed at $275,000 in 2020, City officials say a homeowner would pay $2,940 in municipal taxes, equalling a monthly increase of $1.37 from last year.

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Using a non-residential property, with an example value of $525,000, and applying the same process, would see a total of $6,804 in municipal taxes, equal to a monthly increase of $8.16.

In addition to levying municipal property taxes, the bylaw also establishes levies on behalf of the Lacombe Foundation, the Alberta School Foundation Fund (ASFF), and the St. Thomas Aquinas RCS Regional Division No.38.

In 2021, Bylaw 489 is expected to generate a combined $20.49 million in tax revenue, comprised of the following:

Municipal Revenue – $15,327,972
Provincial School Foundation – $4,903,835
St. Thomas Aquinas RCSRD – $142,080
Lacombe Foundation Requisition – $111,804
Designated Industrial Requisition – $1,339
Total – $20,487,030

by rdnewsNOW Staff

Lacombe city council approves 2021 property tax rate bylaw

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