Municipal administration is expected to propose a $28 million reduction in property taxes compared to 2018 at Tuesday’s council meeting.
In the proposal, the median municipal tax change in the urban residential tax class would go down $20 and the other residential tax class would go down $115.
Those in the rural residential tax class won’t see a change aside from a reduction of $9 towards the median municipal and education tax.
Residential tax rates are based on a home that didn’t have improvements made in 2018.
Both urban and rural non-residential tax rates would experience an overall increase due to things like availability, land value and oil sands growth.
The overall decrease of property taxes would also bring down municipal revenue by $123 million since the 2016 budget.
Last year’s tax ratio was 14.30 per cent, the proposed change would result in a tax ratio of 12.45.
The revenue needed for the 2019 taxation year is $643,621,000, or 87 per cent of the municipality’s total revenue.
Council will also be presented with the 2019-2021 Fiscal Management Strategy (FMS), which will be used as guidance as council considers changes to property tax.
The FMSÂ is high-level overview of operating and capital needs for this year and the next two years.
Administration will also request changes to the capital budget to include $691,000 for the 911 Emergency Communications Centre and $500,000 for drainage improvements in Anzac.
The changes would increase net capital funding by $1,191,000.
Changes were made in the first quarter of the year to include six capital projects which needed additional funding, cashflow changes or a funding change.
Lastly, council will decide whether Mayor Don Scott should send a letter to the Prime Minister and the Minister of Finance to review the effects of the mortgage stress test on regional markets.
