Town Council passed the property tax rate bylaw last night.The municipal tax portion of the property tax bill on the average home will increase by 3.06% while the education tax portion will decrease by 1.20%. The average home of $479,300 will receive a bill with a net increase of 1.51% or $4.25 per month. Property tax amounts vary depending on assessed value.In 2018 the property taxes on an average single family home with an assessed value of $479,300 results in a municipal tax bill of $2,190 and education tax of $1,247.
Property tax revenue is 44% or $25,720,250 of the Town's operating budget of $59,210,358. The operating budget funds municipal programs such as roads, parks, police, fire and more.The Town also collects education taxes for the province on annual tax bills, as well as for the Rocky View Foundation to support Big Hill Seniors Lodge in Cochrane. The province’s education requisition was $14,329,928.Property owners can expect to receive their property tax bills after they are mailed May 30. Payment is due June 30.