City council set Edmonton’s property tax rates for 2017 to reflect a 2.8 per cent property tax hike.
This will translate into a 3.3 per cent overall increase for the typical single-family home and a reduction of about 2.6 per cent for apartment buildings, because of changes to education tax and “assessment valuation fluctuations between property tax classes,” the city said.
READ MORE: Average Edmonton property drops 2.7% in value; 2017 assessments in the mail
Commercial and industrial properties will see an average overall increase of 2.9 per cent.
For a house valued at $397,000, one year of property taxes would amount to about $3,378; roughly $2,385 goes to municipal programs and services and $993 goes to the provincial education tax.
READ MORE: Expanding economy but ‘very modest growth’ for Edmonton in 2017: chief economist
“Property taxes enable the City to provide Edmontonians with a full range of services they use and depend on every day,” city manager Rod Risling said.
“For about $6.50 a day in municipal property taxes, the average homeowner receives a range of benefits: from essential services such as police, firefighters, roadway maintenance and public transit to the services that make Edmonton so special, such as North America’s best parks, libraries and top-notch recreation centres.”
- Some fixed mortgage rates are up despite hints of Bank of Canada cuts. Why?
- Lynx Air says passenger refunds will hurt investors because of defiant contractor
- As Tim Hortons tests plastic-free lids, how eco-friendly are alternatives?
- Airline industry weighs ‘heightened’ concerns amid Iran-Israel tensions
The city said council tried to keep the budget increase as small as possible, given the current economic situation. This year’s increase is the smallest in 10 years.
Last December, council trimmed the 2017 tax hike from 3.1 per cent to 2.85 per cent after the city got rid of some of the “nice to haves.”
“This budget represents a balanced and efficient approach to city building while making investments in both people and infrastructure,” Mayor Don Iveson said Dec. 13. “That’s not an easy feat when you consider 2016 has brought more economic uncertainty to our region and with it, the demands placed on the City of Edmonton have increased.”
READ MORE: Edmonton City Council approves 2.85% tax hike for 2017
Edmonton finalizes its property tax rates in the spring once the provincial government announces the education tax it requires the city to collect.
Tax notices will be mailed to all property owners on May 23, 2017. The deadline to pay is June 30, 2017.
Comments