Cochrane, AB – The 2022 property tax rates were set at the May 9 Council meeting. The tax rates are applied to individual property assessments to determine a property owner’s annual property taxes.
The 2022 municipal tax levy for an average residential property reflects a 9.85% increase. The total property tax increase for the same property, including the taxes the Town collects on behalf of the Province to support education and the Rocky View Foundation, is 6.75%.
Property taxes fund municipal programs and services such as roads, parks, police, fire and more.
“The 2022 municipal tax increase reflects the rising cost of providing services and infrastructure to our community,” explained CAO Mike Derricott, Town of Cochrane. “While we are always looking for efficiencies in our operations, we are not immune to the inflationary cost increases being experienced across Canada. We are empathetic to the rising cost of living and we heard from residents that they value the level of services provided through their property taxes.”
Property tax bills will be mailed by May 31 and payment is due by June 30. Due to significant delays with Alberta Land Titles, information on recent property purchases may not be registered with the Town. Residents who don’t receive a property tax notice should reach out to the Town. Failure to receive a tax notice does not exempt property owners from late payment penalties.
Taxpayers can discuss payment arrangements by calling 403-851-2500. Taxes can be divided into a payment plan by signing up for the Tax Installment Payment Plan (TIPP) on cochrane.ca/TIPP.
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 and Evergreen Manor in Cochrane. Of the residential property taxes collected, 67% supports municipal operations, 32.4% supports Provincial education, and 0.6% supports the Rocky View Foundation.
Senior citizens can access two property tax support programs. Seniors’, 60 years of age or older, may be eligible for a $500 credit on their property tax account through the Seniors’ Property Tax Support Program. Contact FCSS to learn more. The Government of Alberta allows seniors, 65 years of age or older, to defer all or a portion of their property taxes through a low-interest home equity loan. More information is available at seniors-housing.alberta.ca.
The average residential property value increased from $455,900 in 2021 to $495,700 in 2022. With the new tax rates, the average residential property will see an increase of $224/year or $18/month in municipal taxes. Education taxes and support for seniors’ housing for the same property are expected to increase by $0.92/month.
Find more about municipal taxes on cochrane.ca/Taxes.
Fore more information on the Seniors Property Tax Rebate, visit: https://www.cochrane.ca/319/Seniors-Tax-Support-Program