Regular Meeting of Council held on Monday, June 4, Council passed Bylaw 18-1074 authorizing the rates of taxation for the 2018 tax year. This year, the municipal mill rate will be 7.66666, down from 7.99999 in 2017. Non-residential tax rates will remain the same at 8.57999.
Each year, the Town of Turner Valley Council establishes the tax rate to distribute the tax levy among all the Town property owners. At the same time, the provincial government determines the amount that every Alberta municipality must contribute towards education funding. In addition, the Alberta housing foundation portion for the levy is requisitioned in accordance with the Alberta Housing Act and collected by the Town on their behalf.
One mill represents $1 tax for every $1000 of assessment, therefore the calculation of the taxes can be shown as follows:
Municipal Property Taxes = Assessment x (Municipal Tax rate ÷ 1000)
School Taxes = Assessment x (School tax rate ÷ 1000)
Foundation Taxes (Westwinds) = Assessment x (Housing tax rate ÷ 1000)
The following chart shows the impact of the tax levy on a $350,000 residential property with no change in assessment.
Source: Town of Turner Valley