You may pay more property taxes this year.
The Wood Buffalo council met Tuesday night and approved the 2022 tax rate bylaw.
Urban and rural residential property tax rates increase by 7%.
Total property tax revenues are reduced by $4 million, a decrease of 0.84% compared to last year. Since 2016, property tax revenues have decreased by a total of $326 million.
The RMWB continues to work toward the province’s mandated 5:1 tax ratio, which now stands at 6.88:1 for 2022.
“We continue to have the lowest – if not the lowest – tax rates in all of Alberta,” said Mayor Sandy Bowman.
“At a time when people are seeing increases in the cost of living and after difficult years, it is important to make decisions with this in mind. I will always support the goal of having the lowest rates in the province while ensuring that we continue to make lasting investments in the community.
Residential tax rates in the municipality continue to be among the lowest in Alberta, with rural residential tax rates being the lowest in the province, the RMWB said in a news release.
The school tax, which the municipality collects on behalf of the province, continues to compromise the bulk of most tax assessments.
The rural non-residential small business property subclass is included in the 2022 tax rate regulation. Business owners who apply and meet the criteria of the provincial regulation will receive a 25% rate reduction. rural non-residential municipal tax.
Tax notices will be mailed to owners in May. The deadline for paying property taxes is June 30, 2022.