Sylvan Lake Town Council has pass passed the 2020 Tax Bylaw which sees no increase for residential and non-residential properties.
In addition to maintaining the 2019 tax rate, a supplementary tax will not be levied in 2020. This will give builders and businesses “some relief,” according to a press release issued by the Town.
Sylvan Lake Mayor Sean McIntyre says the Town is working hard to keep people safe, operating costs low while providing services to residents during the ongoing health pandemic.
“While these challenges are temporary, this has meant major changes in the way of doing things that brings with it increased costs in some areas and deferred costs in other areas,” McIntyre said in a press release.
While the operating budget for the Town focused on infrastructure, sustainability and fiscal responsibility, needs have changed in wake of the COVID-19 pandemic.
The Town says they are seeking balance while respecting the “current economic realities, and needs” of the community.
The municipal tax rate does not include any changes to the Province’s Education Tax.
Highlights of the 2020 Tax Bylaw include:
• When the 2020 budget was approved, the taxable assessment was projected to be down approximately 3 per cent. With actual assessment values now available, the overall assessment is down approximately 0.2 per cent from 2019.
• Due to COVID-19, the Town of Sylvan Lake has made changes to 2020 operating plans.
• Municipal property tax rates remain unchanged from 2019 for both residential and non-residential properties; The 2020 budget previously included a 2.88 per cent municipal property tax rate increase for residential properties.
The Town will not be charging late penalties for August and September, and will allow property owners defer payments until Dec. 31 of this year.