The Town of High River now has the authority to reassess the property tax value on a parcel of land after the construction of any new structure.
Council unanimously passed the Bylaw to authorize Supplementary Assessments on Monday, January 22, granting it the ability to assess land based on any improvements added after the December 31 condition date.
The Town will then be able to collect the additional tax amount in the current year.
The bylaw will be used to assess improvements to land that include the addition of any new structure, either independently standing or secured to an existing one, and will not apply to utilities, telecommunication systems and other infrastructure.
Town staff say the municipality will capitalize on missed revenue as upwards of 80 per cent of it comes from property taxes alone.
The move will also allow property owners to adjust the equity on their parcel and bring the property’s value up-to-date without having to wait until the beginning of the next tax year.
Supplementary Assessments are optional under the Municipal Governments Act (MGA) and authorization has to be applied for every year, similar to the Town’s tax bylaw.
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