by Morinville News Staff
On the agenda for the Apr. 9 regular meeting are a number of items, the most significant of which for residents is First Reading of the 2019 Tax Rate Bylaw.
According to the Apr. 9 Council agenda package:
“The increase in assessments combined with the increase in annual tax requirement of 4% has resulted in an increase of approximately 5% for residential accounts and approximately 15% for non-residential accounts. Accordingly, a home assessed at $300,000 in 2019, municipal taxes will increase by 5% or about $104.59 per year.”
Last Dec. 11, Council approved the 2019 budget at $9,998,847.00 for 2019. At the time the budget was prepared, tax rates were based on a growth assumption of 2.5%, a 4% tax increase along with a split mill rate of 1:1.1 assessed on the nonresidential assessment classes for 2019.
When the numbers came in, real growth for residential property was 1.35%, more than a point below projections.
Additionally, property assessments have decreased by 2.32% on the residential side, while averaging an increase of 15% on the improved commercial side and 7% on the industrial side.
SCHOOL TAXES YET TO BE KNOWN
Part of the local tax bill is monies municipalities collect for schools on behalf of the provincial government. With an election underway, there is no Property Tax Requisition from the province, nor is there likely to be known before municipalities must pass third reading of their tax rate bylaws.
As such, municipalities will have to take a guess at what school levies may be and raise or lower tax bills in 2020 to balance things out.
Council will address first reading of the Tax Bylaw Apr. 9 with second and third readings tentatively set for Apr. 23.
If approved, tax notices will be mailed at the end of May with taxes due by the end of June 2019.
We will have full coverage on Council’s discussion on this and other agenda items after Tuesday night’s meeting.