Calgary city council has approved the 2017 Property Tax Bylaw, which set the rates for 2017 property taxes for residential and non-residential properties.
The government of Alberta’s tax requisition for 2017 was lower than The City originally expected, creating ‘tax room’ in the amount $23.7 million.
During the meeting, council agreed to rebate the 2017 tax room as a one-time return to taxpayers in the amount.
As a result, residential property owners who own a median residential property valued at $460,000 can expect to see an annual reduction of $7 dollars or sixty cents per month in their 2017 property tax bill.
Now administration will be working on giving a recommendation to the business plan and budget process for the use and/or rebate of the tax room in 2018 and beyond.
“Council has heard many Calgary homeowners and businesses are experiencing financial stress and we are taking action to help,” said Mayor Naheed Nenshi.
Property taxes will be mailed May 26 and are due June 30. A late payment penalty of 7 per cent will be applied to any unpaid portion of property taxes on July 1 and October 1.