Sylvan Lake taxpayers can expect to receive their tax bills early in June after councillors passed the final readings of a bylaw setting tax rates Apr. 21.
Combined assessment and tax notices will be mailed May 31st and the due date for payment of property taxes is July 31st.
Councillors adopted a municipal tax rate that is 1.9 per cent higher than last year but this is actually a decrease of the 2.4 per cent increase they anticipated when they passed their budget in January.
The reason for the change was that the total taxable assessment of all properties in town increased by more than anticipated, mainly due to growth in the community.
Taxpayers will pay more to fund education, however. The 2013 provincial school tax requisition was increased 2.5 per cent. “The increase for 2013 will primarily affect non-residential properties,” wrote Darren Moore, director of finance, in his report to council.
The total residential mill rate was set at 8.245 of which 5.6 is the municipal and recreation tax portion and the remainder is the school and Sylvan Lake Foundation requisitions. The total non-residential (commercial and industrial) mill rate is 14.628 of which 10.227 is the municipal and recreation tax portion.
(The mill rate is the amount of dollars paid in taxation on each $1,000 of assessment. eg. A property owner with an assessment value of $100,000 and a mill rate of 8.245 will pay (100x8.245) $824.50 in tax. The tax rate is made up of the municipal portion (including recreation), the Alberta School Foundation Fund (ASFF) portion which is paid to the provincial government, and Sylvan Lake Foundation, which is paid to the foundation for operating Sylvan Lake Seniors Lodge.)