2020 Turner Valley Tax Rate Approved

2020 Turner Valley Tax Rate Approved

Turner Valley… At the Regular Meeting of Council held Tuesday, May 19, Council passed Bylaw 20-1103 authorizing the rates of taxation for the 2020 tax year.

For the third consecutive year, the residential municipal mill rate will remain at 7.66666 while the industrial and commercial municipal mill rate was adjusted downward from 8.57999 to 8.17999. The 2019 residential assessment values decreased from 2018 levels by 2.08%. Whereas, the 2019 industrial and commercial assessment values increased from 2018 levels by 4.56%. The decline in the 2019 residential/residential vacant/farmland assessed values will result in a modest decrease in municipal taxes for homeowners. For industrial and commercial property owners, their municipal taxes will remain similar to the previous year due to the downward adjustment in municipal mill rate.

As an example, a home in Turner Valley with an assessed value in 2018 of $350,000, the 2019 municipal tax levy would have been $2,683. In 2019, the same house 2019 assessed value is estimated to have decreased in value by 2.08% to $342,720 and would incur a 2020 municipal tax levy of $2,628, a decrease of $56. This does not include the provincial educational or seniors’ accommodation levies.

The education property tax requisition decreased slightly in 2020 for both residential and commercial/industrial with rates adjusted from 2.56 to 2.55 and 3.76 to 3.75, respectively.

The Westwinds Communities’ requisition amount for seniors’ housing declined slightly from the previous year.