Town Council approved property tax rates at their meeting yesterday.
The amount is the rate included in the 2020 budget approved by Council in December 2019. By keeping the tax rate low and ensuring Town services continue to be provided, Council is supporting the community’s recovery from the impacts of COVID-19.
“I’m pleased Council found a good balance for our community,” says Mayor Jeff Genung. “We’ve already put measures in place to give people some financial breathing room — this tax rate is part of that.”
Last month, Council approved extending the tax payment deadline to September 30 from June 30, and allowing a pause in utility bill payments until August 20 for those who need it.
Based on the Town’s approved 2020 budget, a home valued at $470,100 will see an increase of $1.92 per month in municipal property taxes. Education taxes for the same property are expected to decrease by $1.50 per month.
Council also approved rates for supplementary taxes and the Community Revitalization Levy.
Municipal expenditures and transfers set out in the Town’s 2020 budget total $59,307,572; municipal revenues and transfers from all sources other than taxation is estimated at $30,642,104. The balance of $28,665,468 is raised by general municipal taxation.
Of the $28,665,468 in municipal taxes, 85% are paid by residential and 15% by non-residential property owners — a consistent tax split since 2018.
The Town’s operating budget funds municipal programs and services such as roads, parks, police, fire and more. Council is holding the line on funding for municipal services even with the decrease in revenue because of COVID-19.
The Town also collects education taxes for the province on annual tax bills, as well as for the Rocky View Foundation to support Big Hill Seniors Lodge in Cochrane. The provincial education requisitions in 2019 were not available until the fall, so the rates were set using estimates. An adjustment to 2019 actual amounts is included in 2020 rates.
Property tax bills will be mailed on June 22. Taxpayers can discuss payment arrangements by calling 403-851-2500. See payment options for Tax installment payment plan (TIPP) on cochrane.ca/TIPP.