At Monday's city council meeting, Airdrie City Council gave three readings and accepted the recommendation to set the annual tax rates for 2023. This year Airdronians will see a 5.97 percent tax increase as per the 2023 budget.
The City is required to pass a tax rate bylaw each year in compliance with the Municipal Government Act (MGA). With the use of this bylaw, a local council can impose a property tax to generate revenue for running the municipality in line with the 2023 budget that the council adopted as well as to fulfill provincial duties to collect and pay education tax.
The average single-family homeowner will pay $9.87 more per month in municipal taxes (5.97 per cent more), due to a 12 per cent rise in assessed value from $420,000 to $470,000. Taxes will change accordingly if a property's value has increased or reduced more or less than this.
Based on a city's overall assessment value, the province determines each year how much each municipality must contribute to the public education system. The average single-family homeowner will pay $0.37 more in education taxes each month since their assessed value increased from $420,000 to $470,000. The City will end up paying a total of $34,562,862 this year.
Seniors in Airdrie have access to inexpensive home alternatives thanks to the Rocky View Foundation. They presently run two lodges for senior citizens. Additionally, they bought the Hampton Inn & Suites, which they plan to renovate and open as a new residence in 2023. To help pay for these programs, the Rocky View Foundation's requisition will increase by $45,470 in 2023.
Another tax the city will be paying is the Designated Industrial property Tax. Taxpayers who own designated industrial property must reimburse the cost of assessing the property through a requisition. In 2023, $6,904 will be the whole amount of money collected and sent to the government.
Council supported the recommendation to provide Bylaw No. B-19/2023, the 2023 Tax Rate Bylaw, gave three readings, update the 2023 Budget and revise the provincial requisitions, including adjustments for 2022 under/over levies.
These are the amounts to be paid as directed by the province:
- Alberta School Foundation Fund $34,562,862
- Seniors’ Foundation $675,492
- Designated Industrial Properties $ 6,904
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