Taxation
Supplementary Assessment
If you recently bought a new home, you may receive a supplementary assessment/tax bill in November.
Supplementary tax bills were mailed October 25, 2018, but with the disruption at Canada Post, there may be a slight delay in receiving yours. Due date and final complaint date is December 31, 2018. You can check details of your account anytime at cochrane.ca/eServices.
Property Assessment and Taxes
Property assessment notices are sent to property owners in February each year.
The property taxes each resident pays is calculated in proportion to the value of the real estate property they own. Determining the value of a property for taxation purposes is known as assessment. Assessed values are a means of fairly distributing the town tax burden and ensuring that each property owner pays a fair and equitable level of tax. Find out how your property assessment is determined.
Residential properties with an average 0.44% decrease in assessed value will have a 3.06% increase in municipal property tax in 2018. As assessment values vary between individual properties and between communities, your municipal tax changes may be higher or lower than the average.
The 2018 municipal residential property tax rate of .00457 on assessed value of $479,300 (average assessment) results in municipal taxes of $2,190 (see chart).
Education requisitions are based on Cochrane's equalized assessment which uses assessment values from two years ago. Education requisitions from the province increased 3% from $13,912,757 to $14,329,928, which is a lower increase than what was experienced in prior years, because growth slowed in Cochrane. Residential growth in 2018 covered the residential education tax increase resulting in a 1.2% decrease in education taxes. With education taxes making up 36% of the property tax bill the total average increase in property taxes is 1.51%
| 2018 | 2017 | $ increase | % increase |
|
|---|---|---|---|---|
| Average single family dwelling assessment: $479,300, down .44% from 2017 |
||||
| Municipal tax levy | $2,190 | $2,124 | $66 | 3.06% |
| Education + Rocky View Foundation requisitions | $1,232 | $1,247 | $-15 |
-1.20% |
| Total property tax bill | $3,422 | $3,371 | $51 | 1.51% |
- What do my taxes pay for?
- What affects my tax bill?
- When are taxes due?
- How and where can I pay my taxes?
- Is there a penalty if I miss the property tax due date?
- Why do I pay school taxes when I don't have children going to school?
- What if there’s a revenue surplus? Will my taxes go down?
- Can I pay my tax bill via a credit card?
- What if I'm paying property taxes as part of my mortgage?
- Why does my assessment say "improved?"
- How can I find the amount I paid in property tax last year?
- How are property assessments and taxes related?
General information
The tax year runs from January to December:
- Property tax bills will be mailed May 30, 2018; payment is due June 29, 2018.
Please note: If you own a condominium, you may receive a separate tax bill for your parking stall(s) or storage unit(s). - If you do not receive your tax bill by June 15, 2018, please contact us to request it.
- If you would like to make monthly payments instead of one annual payment, please apply to our TIPP Program
The Town of Cochrane collects funds on your annual tax bill for the Rocky View Foundation (to support Big Hill Seniors Lodge in Cochrane) and the Alberta Education Fund.