By Trevor Busch
The Town of Taber has passed its 2017 property tax bylaw, which incorporates school and senior requisitions handed down by the province.
For residential and farmland, the total 2017 property tax rate is 9.9340 mills, representing an increase over 2016 of 0.9 per cent.
For non-residential properties, the increase over 2016 is slightly higher at 1.21 per cent, or a total 15.3105 mills.
Machinery and equipment will ring in at 11.7597 mills, or an increase of 1.52 per cent, while GIL non-residential is pegged at 11.6561 mills, or an increase of 1.31 per cent.
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.
In December 2016, town council approved an overall 2.5 per cent bump to property tax rates in 2017 (1.5 per cent due to inflation and one per cent due to the provincial carbon tax levy).
Alberta School Foundation Fund and Holy Spirit RCSCRD No. 4 requisitions (rates established annually in the provincial budget) for 2017 total $2,557,887, while the Senior Foundation requisition is $103,111.
For 2017, operating expenditures and transfers come in at $22,826,884, while capital expenditures are estimated at $17,225,108.
Capital revenues and transfers include a capital reserve transfer ($4,574,874), grants from other governments ($8,893,834) and other revenues ($3,756,400).
The assessed value of all property in the Town of Taber totals $998,519,980.
A penalty of six per cent will be added to all current taxes remaining unpaid after June 30.
An additional six per cent will be added if taxes are unpaid by July 31.
At their May 23 regular meeting, town council voted unanimously (4-0) to pass third and final reading of Property Tax Bylaw 2-2017.
Coun.(s) Jack Brewin and Rick Popadynetz were absent from the meeting.