By Trevor Busch
In the wake of the provincial budget, the Town of Taber is preparing to pass its property tax rates for the community in 2018.
At town council’s April 9 regular meeting, proposed tax rates for 2018 were presented for discussion by finance director John Orwa.
For residential and farmland, the total proposed tax rate for 2018 is 10.1541 mills, or an increase of 2.22 per cent. For non-residential, the tax rate is 15.6157 mills, for an increase of 1.99 per cent. In machinery and equipment, the tax rate is 11.9380, or an increase of 1.52 per cent. In GIL non-residential – municipal tax only, the tax rate is 11.8458, or an increase of 1.63 per cent.
Total tax revenue collected on the year for the municipality will be $9,111,753.
To calculate property tax, multiply the assessed value of the property by the mill rate and then divide by 1,000. For example, a property with an assessed value of $50,000 located in a municipality with a mill rate of 20 mills would have a property tax of $1,000 per year.
The property tax rates proposed are calculated based on council’s direction of capturing only assessment increases due to development growth, but exclude inflationary/deflationary impacts due to market change within each class of assessment.
School tax rates are calculated based on the overall education requisition required by the province. The senior tax rate is calculated based on the proportion that the town’s equalized assessment bears to the total equalized assessments of the four participating municipalities, and the requisition required by Taber and District Housing.
As per a directive from Municipal Affairs, effective for the 2018 tax year municipalities will no longer bear the linear assessment fee, which will be replaced by the new Designated Industrial Cost Recovery Requisition.
Following discussion, council voted unanimously to accept the proposed municipal tax rates for information purposes.