Turner Valley… At the Regular Meeting of Council held Tuesday, May 21, Council passed Bylaw 19-1092 authorizing the rates of taxation for the 2019 tax year.
For the second consecutive year, the municipal mill rate will remain at 7.66666. While the 2019 municipal tax rate is being maintained at the 2018 levels, assessment values decreased slightly for some homes, which will result in a modest decrease in municipal taxes.
As an example, a home in Turner Valley with an assessed value in 2018 of $320,000, the 2018 municipal tax levy would have been $2,453. In 2019, the same house is estimated to have decreased in value by 1.1% to $316,400 and would incur a 2019 municipal tax levy of $2,426. This does not include the Provincial Educational or Seniors’ Accommodation levies.
The Education Property Tax Requisition will remain at 2018 rates until such time as the Budget 2019 is released. The School Act indicates that if a municipality has not received a requisition by March 15 of that year, the municipalities payment to the Alberta School Foundation fund will be based on the previous years’ amounts. If there are any changes to the Education Property Tax Requisition later in 2019, the municipal taxes will be adjusted in 2020.
The Westwinds Communities’ requisition amount for seniors’ housing remained the same as the previous year.
For industrial and commercial ratepayers, the municipal tax rate for 2019 remains at 8.57999. Many of these properties saw a decrease in assessed values, which will result in a lower municipal tax levy.