Sylvan Lake residents will see a two-per cent tax increase after town council approved the town’s 2015 tax rate bylaw Monday.
Additional municipal tax dollars totalling $220,000 will be generated from the increase, which will see the residential tax rate rise to 8.413 from 8.248.
“A two-per cent residential tax rate increase is a reflection of council’s commitment to balancing our need for growth, with costs associated with projects like our multiplex redevelopment, and the need of our residents for affordability and access,” said Mayor Sean McIntyre.
The non-residential rate will stay the same as last year at 14.003 — part of a tax rate freeze implemented by council to help attract and retain business in town.
Property tax payments for 2015 are due July 31, with an exception made for property owners who have monthly payment arrangements.