By Stephen Dafoe
Morinville – Residents and businesses in Morinville will see their property taxes increase by approximately 3.5 per cent when notices go out later this week. Morinville Town Council gave unanimous third reading to its tax bylaw Tuesday night authorizing the increase to meet 2011 expenditures.
Council had previously approved uniting the mil rate for residential and commercial properties at its Apr. 12 meeting, a move administration believes will reduce Morinville’s 2011 tax revenue by $160,640 from $6,744,906 in 2010 to $6,584,266 in 2011.
But while businesses are getting a bit of a break on their taxes this year, administration has indicated residents shouldn’t see a large increase on their 2011 tax bill. If a resident’s property assessment has increased by the 2.683 per cent average market valuation increase, then property taxes should remain the same or close to 2010 figures. Residents whose assessments have increased beyond the average would see an increase in the tax amount.
Morinville’s residential assessments have risen from $822,364,290 in 2010 to $891,592,850 in 2011. The increase is largely due to new development in the community and will result in a 9.25 per cent increase in residential taxes to the town’s coffers. Non-residential property increased slightly from $101,208,500 in 2010 to $103,963,080 in 2011; however, the reduction in non-residential mill rate from 7.58.59 to 6.3933 in 2011 will result in a 13.43 per cent decrease in non-residential taxes this year.
In total, Morinville has just above $1 billion in assessment value from which it will receive $6,584,266, a 5.86 per cent increase from 2010.
Additional items could increase final tax bill
While Morinville’s tax increase has been set at a 3.5 per cent increase for 2011, additional items collected on behalf of the province along with municipal taxes have also increased. The mill rate for school taxes have increased from 2.7298 in 2010 to 2.9894 in 2011. Additionally, the requisition for the Sturgeon Foundation which operates seniors’ facilities in the area has increased by 68 per cent, increasing the mill rate from 0.0557 to 0.0872.
Tax assessments are set to be sent to Morinville ratepayers later this week.