(Cochrane, AB) – Cochrane Town Council approved the tax rate bylaw at their regular meeting on May 8.
Each year, Council approves the budget required to support Town services. The tax rates reflect the amount of tax to be paid for every dollar of assessed property value. Funds collected through property tax are split between the Town of Cochrane and the Alberta Government.
“Municipal property taxes support the cost of municipal services – including community safety, roads and infrastructure maintenance, parks and open spaces, and other essential programs and amenities that aim to provide quality of life for all residents,” explained Alvin Allim, Director of Financial & Information Technology Services, Town of Cochrane. “The 2023 municipal property tax rate reflects the increased cost of providing quality services and infrastructure to our community.”
Property assessments are prepared annually using mass appraisal techniques, which determine property values by grouping similar properties at a specific point in time. Assessments do not reflect a single sale price; rather they show typical market value on the same date each year.
This year, the average residential single-family assessment increased by 13.21%, up from $495,700 in 2022 to $561,200 in 2023. With a 3.85% tax increase, the average residential property will see an increase of $96/year ($8/month) in municipal taxes and $47/year ($3.92/month) in Provincial education and seniors’ housing taxes, totaling $143/year. As assessment values vary between individual properties and between neighbourhoods, most property owners will have tax changes that are either higher or lower than the average.
From the property taxes collected, the Town of Cochrane retains 67.1% to support municipal operations, while 32.3% is transferred to the Government of Alberta to support Provincial education, and 0.6% is used to support the Rocky View Foundation.
Property tax bills will be mailed by May 30 and payment is due by June 30. To learn more about payment arrangements or the Tax Installment Payment Plan (TIPP), visit cochrane.ca/TIPP. Due to delays with Alberta Land Titles, recent property purchases may not be registered with the Town of Cochrane. New property owners are advised to contact firstname.lastname@example.org if they do not receive a tax notice by June 7.
Cochrane seniors may be eligible to access property tax support programs. The Seniors’ Property Tax Support Program, offered through Cochrane FCSS, provides eligible seniors 60 years of age or older with a $500 credit on their property tax account. Contact FCSS at 403-851-2250 or visit cochrane.ca/seniorspropertytax for more information. The Seniors Property Tax Deferral program, offered through the Government of Alberta, provides eligible senior homeowners the opportunity to defer all or part of their municipal property taxes with a low-interest home equity loan. More information is available at seniors-housing.alberta.ca.
For more information on municipal taxes, visit cochrane.ca/taxes.