Property taxes in High River are set to rise this year as Council gave their thumbs up to the increase at their meeting Monday, May 28, for the generation of $13.6 million in municipal property tax revenue.
"Property taxes will be going up by 3.6 per cent" said High River's Chief Financial Officer, Kola Oladimeji.
He says for the average homeowner, that works out to about $20 per year.
Council also approved $5.7 million for school and senior requisitions based on equalized assessment values as advised by the Province of Alberta.
Property taxes are levied to raise revenue to fund municipal expenditures and pay external requisitions from Alberta education, and seniors' housing.
According to Oladimeji, "The Town starts with the budget and cost estimate for the year and then we net off other revenues that we get from other sources. Whatever is left is what we then put on tax levy".
The overall tax increase of 3.6 per cent includes a 2 per cent increase for Community Infrastructure Fund.
The overall rate also includes a 1.3 per cent inflationary increase and 0.3 per cent for other municipal services including the planned broadband fibre network for the downtown.
Property tax notices will be mailed out by the end of May and will be due by July 3, 2018 unless property owners are on the Tax Instalment Payment Plan (TIPP).
For more information, call 403-652-2110.
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