2011 Budget Approved, Tax Rates Set
At the special council meeting held yesterday evening, Leduc County Council gave final reading to the 2011 Tax Rate bylaw. In preparation for the final 2011 budget, County Council provided direction for administration to not exceed a 3.5 per cent increase to the 2011 municipal budget; the final budget came in at the set limit with a 3.5 per cent municipal budget increase. County Council approved the final $61.8 million operating budget and the capital budget of $13.3 million for 2011.
It is important to note that this increase of 3.5 per cent is for County operations. Residential property taxes are primarily comprised of two major components: municipal taxes (62 per cent of total) and education taxes (38 per cent of total). The education taxes (known as the Alberta School Foundation Fund (ASFF)) are set by the Province; this has increased by $966,000 (or 7 per cent) over the last year. The County has no control over this and is obligated to collect this extra amount as property taxes. Concerns regarding ASFF levies should be directed to your local MLA.
Tax Rates: 2011 2010 (provided for comparison)
Residential 0.00547 0.00536
Farmland 0.01358 0.01248
Non-residential 0.01082 0.01069
Machinery and equipment 0.00732 0.00721
Example: For a property including a residence (with an assessed value of$450,000) on farmland (with an assessed value of $30,000) would receive a tax notice for $2868.90. This was calculated by multiplying the assessment by the appropriate tax rate(s).
“What this means is that for most residential properties, about 4700 out of 5400 (or 87 per cent) will experience increases of less than $150,” says Rob Ballhorn, Director of Assessment for Leduc County. “For non-residential properties, 1095 out of 1290 (or 84 per cent) will experience tax increases of less than $1000.”
It is also important to note that you may still experience changes in your tax notice due to adjustments in market value assessments and the tax rate. Individual property tax notices may increase or decrease depending upon market value changes specific to each property. Since the property assessment for 2011 tax reflects market value as of July 1, 2010, the assessed value may be lower or higher than today’s current market value on some properties.
Tax notices will be mailed to residents no later than the last week of May, 2011. Taxes are due by June 30, 2011.
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