Whitecourt property owners are going to pay a little more in taxes this year.
On Monday, April 22, Whitecourt Town Council passed Tax Rate Bylaw 1575 at the regular meeting of council.
Town officials say Tax Rate Bylaw 1575 was written in order to levy for municipal requirements as per the approved 2024 Operating and Capital Budget, and for the Lac Ste. Anne Foundation, Education, and Designated Industrial (DI) Property Assessment requisitions.
Town officials say the municipal tax rate has increased by 3.77 per cent to reflect the municipal funding requirement of $16,646,969 for the 2024 Operating Budget that was approved by council at their regular meeting April 8, 2024.
Officials say the estimated amount of funds required for education requisition has decreased 0.96 per cent (from $5,062,818 in 2023 to $5,014,146 in 2024) including the under levy from the prior year; and the amount required for the Seniors Foundation requisition which has increased 17.6 per cent (from $399,286 in 2023 to $469,569 in 2024) that includes the under levy from the prior year.
The DI Property assessment requisition increased from $21,011 in 2023 to $21,982 in 2024 to be collected from all DI property owners.
Officials say these changes mean that total residential taxes for a home that is valued at $300,000 will be approximately $82.80 more, representing a total tax rate increase of 2.96 per cent compared to the previous year. Officials say it also means the total tax rate (combined municipal, education and Seniors Foundation requisition rates) is lower than the anticipated budget increase of 3.77 per cent due to the impact of market growth and requisitions.
“We always try to make sure to collect what we were going to collect the prior year, and then add 3.77 [per cent] on,” says Krista Spivak, City Controller. “If market growth goes up, your property value goes up. If we apply the new tax rate to it, it would add additional revenues that we hadn’t anticipated getting. Just to stay to tax burden, this is what we do, adjust the rate for market growth or market deflation.”
Town officials note, total non-residential taxes for a business that is valued at $500,000 will be $177.07 more, representing a total tax rate increase of 2.32 per cent compared to the previous year. The total tax rate is lower than the anticipated budget increase of 3.77 per cent due to the impact of market growth and requisitions.
Details on how property taxes are calculated, and how tax dollars have been allocated in the 2024 Budget, can be found in the Full 2024 Budget Report.