By Trevor Busch
Town of Taber council has passed the 2020 municipal tax rates, and residential properties in the community will be seeing a 1.9 per cent increase.
For 2020, operating expenditures and transfers are estimated at $24,702,162, while capital expenditures are estimated at $25,772,358.
Additionally, there is a transfer from capital reserves ($11,416,923), grants from other governments ($3,140,148), other revenues ($9,281,870), and long-term debt ($1,933,416).
Operating revenues and transfers from other sources are estimated to be $15,204,944, with a balance to be raised from general municipal taxes of $9,497,218. Specific requisitions include the Alberta School Foundation Fund/Holy Spirit RCSCRD#4 ($2,588,914), Senior Foundation ($108,790) and DIP Requisition ($1,786).
The proposed municipal tax rates show an increase of 1.9 per cent for residential properties and an increase of two per cent for non-residential properties and machinery and equipment.
The bylaw incorporates the Municipal District of Taber rates necessary to levy taxes for the town’s recently annexed lands as directed by Orders in Council.
“This particular bylaw incorporates the land acquired from the M.D., and to collect that levy we have to apply the M.D. rates,” said finance director John Orwa at town council’s May 25 meeting.
Total mill rates for 2020 include residential and farmland (10.3070), non-residential (15.9929), machinery and equipment (12.4288), GIL non-residential – municipal tax only (12.3251), non-residential DIP (16.0689), and machinery and equipment DIP (12.5048).
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.
A penalty of six percent will be added on all current taxes remaining unpaid, including local improvement taxes remaining, after Sept. 30, and an additional penalty of six percent will be added after Oct. 31. A penalty of twelve percent will be added on to all amalgamated outstanding taxes and related costs that remain unpaid after Dec. 31, and will be added in January 2021.
The total assessed value of all taxable property in the Town of Taber is $1,050,166,650.
Following discussion on May 25, council voted unanimously to pass third and final reading of Property Tax Rate Bylaw 7-2020.
In a follow-up motion, council voted unanimously to pass third and final reading of Supplementary Tax Rate Bylaw 8-2020.