EDMONTON – The city is proposing a 4.9 per cent increase in property taxes for each of the next three years.
The proposed increase would mean a tax hike of $109 in 2016, $114 in 2017 and $120 in 2018 for a single-family home with an assessed value of $401,000, which is the average in Edmonton.
It is less than the six per cent the city suggested might be necessary earlier this year.
City staff found cost savings in a number of areas, including a bus scheduling program that will reduce the need for up to 49 buses on regular routes, meaning the city will not have to spend $27 million to purchase additional buses to serve growing neighbourhoods.
“This is a fiscally responsible budget,” said Todd Burge, the city’s Chief Financial Officer.
“It continues to deliver the services that Edmontonians expect while investing in key council priorities.”
For a number of years, citizens have been dealing with tax increases to pay for city operations which includes money for the neighbourhood renewal program.
“It’s finding that proper balance and it’s tricky between keeping taxes low and giving Edmontonians the services they want,” said Ward 6 councillor Scott McKeen.
“Property taxes suck, if I can say. First of all cause they are so political in a way.”
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For the next several tax cycles, a dedicated increase will also be in place to help pay for the city’s portion of LRT expansion into Mill Woods.
Last year, the property tax increase was 2.1 per cent; the year before it was just under five per cent.
Among the biggest operations for the city are police operations and transit.
The tax rate proposed Friday includes a 0.8 per cent levy to pay for the capital and future operating costs of the Valley LRT Line, which is due to begin construction next year.
You can learn more about the city’s budget here.
Council will hold a public hearing on the proposed budget on Nov. 23. Final approval is expected mid-December.
READ MORE: Alberta budget – What’s in it for Edmonton?
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