FORT MCMURRAY (660 NEWS) – Residents of the Regional Municipality of Wood Buffalo will see a 4 per cent increase on their property taxes this year.
Council approved the Tax Rate Bylaw at Tuesday’s regular meeting.
“This helps ensure a sustainable future for the municipality as we move forward to achieve a mandated 5-to-1 tax ratio between the highest non-residential and lowest residential tax rate,” said Chief Financial Officer Linda Ollivier in a press release.
Mayor Don Scott had proposed a tax freeze for this year, however his motion was defeated in a 5-5 vote.
According to the release, the municipality anticipates most homeowners will pay less property taxes this year due to the current housing market and its impact on assessments.
Despite this year’s increase, the RMWB says the region continues to have among the lowest tax rates in Alberta.
The municipal tax rate does not include the education tax, which is set by the province and makes up a large part of a residential tax bill.
Tax notices will be mailed out at the end of this month and payments are due by June 30.
More information can be found HERE.