Tax bylaw passing means bills will soon be in the mail
[playht_player width=”100%” height=”90px” voice=”en-US-JennyNeural”]
by Colin Smith
Morinville home and business owners will receive their tax bills soon after Town Council passed the 2022 Property Tax Bylaw at its regular meeting Tuesday.
Approval of the bylaw through second and third reading will result in a 5% tax increase, with the residential-nonresidential tax split remaining the same, at 1.1.1.
The municipal tax portion on an average residential property, valued at $334,603, would increase by $10.58, per month, or $126.98 annually, to a total of $2,666.64.
The bylaw projects that the town will receive $11,066,291 in municipal property taxes this year.
Along with taxes to fund municipal operations, the bills property owners receive include an additional amount to cover requisitions mandated by the provincial government.
These are the 2022 Education Tax Levy, the requisition for the Homeland Housing foundation for seniors’ housing, and the Designated Industrial Property assessment requisition.
The Education Tax Levy has gone up slightly over last year. Together with an amount to make up for an education tax under-levy of $43,212 in 2021, that will result in an increase of 1.7% for education taxes for homeowners.
There will be a decrease of 11.16% on the education taxes for non-residential properties because of a drop in the non-residential Education Tax Requisition set by the province and an increase in assessed values.
Morinville’s 2022 overall education levy is $3,710,871.
A combined reduction in the requisition and an increase in assessed values will result in a decrease of 17.46% on the Homeland Housing property tax rate for all properties. The Homeland Housing requisition this year is $115,590.
The rate for the Designated Industrial Property assessment requisition remains unchanged this year at 0.0766. The requisition totals $928.
The 5% tax hike for 2022 breaks down to a 3.5% operational tax increase and a capital tax rate increase of 1.5%.
That will provide for $10,367,986 in operational funding, $155,837 in capital funding and $542,469 for future capital expenses.
Taxation is based on the assessed value of all the property in Morinville, which totals $1,362,778,795.
That includes $1,166,802,190 in residential property and $182,214,525 in non-residential property, plus smaller amounts for machinery and equipment, vacant non-residential property and vacant farmland.
The tax levy on residential property, at a rate of 7.96972, will bring in $9,299,086; non-residential, 8.76654, $1,597,390; machinery and equipment, 8.76654, $2,028,680; vacant non-residential, 12.44350, $142,630; vacant farmland, 34.65551, $9,401.
Click here for more local news
Click here for details on the 2022 budget
