Zero tax increase in Penhold for 2022

May 12, 2022 | 4:15 PM

Residents of Penhold will not be seeing a property tax increase in 2022.

Town council gave second and third reading at Monday’s meeting to collect the same amount of taxes as last year. They also approved the Minimum Tax Rate Bylaw of $500.

Town officials say that with assessments going up the tax rate was reduced, leaving the average home at a zero-tax increase.

Mayor Mike Yargeau says that the town has had a reputation in the past for having higher property taxes and administration has worked hard at dispelling that notion.

“We are grateful to administration for digging deep and helping us to hold the line on municipal taxes. Residents of Penhold have not seen a municipal tax increase for a number of years and yet produce balanced budgets,” he said.

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According to administration, the assessment value for residential properties in Penhold is $321,654,230 with estimated revenue of $2,851,627. The total assessment value for all property types is $519,576,330 with estimated tax revenue at $3,655,203.

“We’re doing what we said we were going to do all along. We’re getting ourselves in line with the rest of central Alberta and making sure that Penhold is a competitive place for businesses and homebuilders to come to”, said Mayor Yargeau.

Taxes in the town are due June 30.

by Alessia Proietti

Zero tax increase in Penhold for 2022

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