Red Deer City Council approved the annual property tax rate bylaw at their regular meeting today.
City Council is required to pass a tax rate bylaw when a property tax requirement has been approved in the operating budget. The bylaw determines how much property tax will be paid by each class of property and sets tax rates for requisitions The City collects on behalf of Alberta Education and Bridges Community Living.
The City’s budget was set by City Council in January with a 6.15 per cent municipal tax increase. When combined with the 2024 requisitions the average total tax increase is 5.29 per cent for each residential, non-residential and multi-family properties.
“We are pleased that the total tax increase for Red Deer property owners is lower than anticipated at budget time once requisitions have been added to the municipal requirement,” said Mayor Ken Johnston. “Maintaining a competitive tax rate, while ensuring the continuity of high-quality services is a testament to our commitment to fiscal responsibility and community wellbeing.”
The tax increase means a typical house assessed at $345,000 for 2024 will pay $14.24 per month more in total property tax. This brings the total annual tax bill to $3,402 from $3,231 in 2024, which is an increase of $171 annually.
The deadline for payment of 2024 taxes is Friday, June 28. Unpaid taxes are subject to a seven per cent penalty on July 1.
Anyone not registered in the Tax Instalment Plan (TIP) and unable to pay their taxes by the deadline is encouraged to pay as much as they can to reduce penalties and reach out to Revenue and Assessment Services to discuss payment options. Property owners can still register for monthly payments through the Tax Instalment Plan (TIP) until June 15. More information is available on The City’s website, reddeer.ca/TIP.
Tax notices will be mailed May 22, 2024. Property owners can sign up by May 1 via MyCity (reddeer.ca/MyCityLogin) to receive their property tax notice electronically. Notices will be distributed by mail if electronic notification is not selected.