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Council approves 2018 Tax Rate Bylaw

(Fort McMurray, AB – May 8, 2018) – Council approved the 2018 Property Tax Rate Bylaw resulting in an overall reduction in property taxes and a reduction in the tax ratio between rural non-residential and rural residential tax rates. The tax rate is calculated based on the total assessment value of properties within each property class.

For 2018, the rural non-residential tax rate was reduced by 16 per cent. The urban residential, other residential and urban non-residential increased by three per cent, while the rural residential rate increased by five percent. Tax notices will be mailed in May. Property taxes are due by June 29, 2018.

“The Municipality was able to reduce required property taxes from $737M last year to $679M in 2018,” said Philip Schofield, regional assessor, Assessment and Taxation.  “This was achieved as a result of growth in the rural non-residential tax class, budget reductions and robust fiscal management measures at the RMWB.”

The 2018 operating and capital budgets focused on finding further efficiencies and enhancing fiscal responsibility. Using the principles of zero-based budgeting, in February Council approved a budget that was $94.6M less than it was in 2017.

Council also approved a motion creating a new tax sub-class for rural non-residential small business. Properties that meet the criteria outlined in the provincial regulation (including having fewer than 50 full-time employees across Canada and operating under a municipal business licence as of Dec. 31, 2017) receive a 25 per cent reduction from the rural non-residential tax rate.

Taxes collected for the Province of Alberta

Education Tax
This year, the provincial education tax levy decreased by one per cent for residential properties and five per cent for non-residential properties. However, education funding continues to be the largest part of a residential tax bill.

New provincial tax: Designated Industrial Property Requisition Tax Rate
The Designated Industrial (DI) Property Requisition Tax Rate is a new provincial tax beginning in 2018. This tax applies to designated Industrial Property owners across the province and appears as a separate line item on each DI Property owner’s tax bill.

For more information, please visit rmwb.ca/taxes.


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