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Property tax notices to be mailed in May; deadline to pay is June 30
On April 26, the Regional Municipality of Wood Buffalo (RMWB) Council approved the 2022 Tax Rate Bylaw.
For most property owners, the bylaw will represent a small increase in their tax bills, while others may see a decrease depending on their property’s assessed value.
Revenue from property taxes is needed to fund budgeted programs and services for residents; maintain assets and support capital projects to ensure infrastructure and essential services are accessible.
“We continue to have among the lowest tax rates – if not the lowest – in all of Alberta,” said Mayor Sandy Bowman. “At a time when people are seeing increases in the cost of living and following what have been some challenging years, it’s important to make decisions that keep this in mind. I will always support a goal of having the lowest rates in the province while ensuring we continue to make sustainable investments in the community.”
Property tax rates amongst the lowest in Alberta
The Bylaw includes updated rates for all tax classes, with both the urban and rural residential property tax rates increasing by seven percent.
Residential property tax rates in the municipality continue to be among the lowest in the province, with the rural residential tax rate being the lowest in Alberta.
Property tax revenue decreasing
The total revenue from property taxes is being reduced by $4 million, representing a 0.84% decrease from 2021. Since 2016, property tax revenue has decreased by a total of $326 million.
RMWB continues to work towards 5:1 tax ratio
The RMWB continues to focus on long-term financial sustainability as it works towards the provincially mandated 5:1 tax ratio, between the highest and lowest tax rates.
Significant progress is being made. In 2016, the tax ratio was 18.3:1. This bylaw results in a tax rate ratio of 6.88:1 for 2022.
Tax rate reduction available for rural small businesses – apply today!
A rural non-residential small business property sub-class is again included in the 2022 Tax Rate Bylaw approved by Council. Business owners that apply and meet the criteria outlined in the provincial regulation will receive a 25 per cent reduction from the rural non-residential municipal tax rate.
Provincial Education Tax
The RMWB collects the provincial education tax on behalf of the province. Education funding continues to comprise the largest part of most tax notices. The RMWB does not have control over the amount of the provincial education levy.
Property Taxes due by June 30
The Property tax notices will be mailed to property owners in May. The deadline to pay property taxes is Wednesday, June 30, 2022. Late payment penalties will be applied to any outstanding balance of property taxes after that date.
Further information is available on the RMWB Website including details on convenient payment options such as the monthly Tax Instalment Payment Plan.
Anyone looking for more information on tax rates, notices, payment options, and more are also encouraged to contact Pulse at 780-743-7000 or Toll Free at 1-800-973-9663.
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