Town adjusts property tax rate bylaw, accounts for education requisition
By John Watson Local Journalism Initiative Reporter
The Town of Strathmore passed third and final reading to Bylaw 24-08 being the 2024 Property Tax Rate Bylaw during the May 15 regular meeting of council.
Council also approved amending the 2024 operating budget by increasing the transfer from the financial stabilization reserve by $22,100 to offset the increase in the education requisition.
Strathmore’s 2024 operating and capital budgets were passed Dec. 6. The annual property tax increase at the time was forecast to be 5.2 per cent for residential and non-residential property.
The 2024 education requisition received from the provincial government in March was a 6.2 per cent increase. This represented $5.95 million.
The total amount of the provincial education requisition is $250,000 above the originally estimated $5.7 million represented in the town’s operating budget.
Town administration has previously overestimated the education requisition, which was transferred to reserves. The recommendation suggested to council was for the difference to be funded from reserves.
The justification being by funding the education requisition by the 2023 overestimated education levy, the total tax increase for the 2024 budget will be 5.9 per cent.
“It was not an easy task by any stretch of the imagination, and no one can, unless you are living in a very deep hole in this province, understand what has happened to all the municipalities around us in terms of tax rates,” said Coun. Denise Peterson. “We just saw in the City of Calgary with a seven per cent plus tax rate, and so when we look at comparable communities around us, our administration and this council have done a very diligent job trying to stay a course, even though we were not able to stay the course that we hoped to stay at under five per cent.”
Tax increases, at council’s request, will be equal for both residential and non-residential tax rates.
The tax ratio split will increase from 1.28 to 1.43. This split remains below the provincial average of 1.50.
Administration had recommended the bylaw be passed in order to provide the town authority to levy annual property taxes.
2024 property taxes will be prepared and mailed to all property owners in the community. Alongside tax bills, information will be provided and distributed regarding the 2024 operating and capital budgets.
Property tax notices will also provide information on the town’s monthly tax installment payment program, and the town’s tax arrears payment plan.
The full presentation regarding the bylaw, as well as more information is available via the town’s public meeting minutes.