That tax bill is going to be a little bigger in 2019.
Monday’s city council meeting saw Calgary’s elected leaders approve the 2019 property tax bylaws, raising the tax rates for homeowners and lowering them for non-residential property owners.
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“As we come through our fragile economic recovery, your city council is making economic growth and stability a priority,” said Mayor Naheed Nenshi, in a release from the city.
“We’re working hard to strike the right balance to ensure high-quality services for all Calgarians while maintaining some of the lowest taxes of any major city in Canada.”
The new bylaws increase homeowners’ property tax by 3.45%, meaning that owners of a median-valued home in the city ($475,000) will see an annual increase of $105 on their total tax bill.
Non-residential property owners, meanwhile, are now seeing a combined decrease of 3.07% in 2019, though the release states that the impacts of individual properties would vary depending on their specific assessment changes from last year.
Historically, the property tax revenue in Calgary had been split 45% to 55% for residential properties and non-residential properties, respectively. Following the council’s decision, the balance has been shifted to 47% to 53%.
According to the release, the decision was made in hopes of supporting businesses and bolstering the city’s economy.
“City administration will continue to work collectively to find cost savings, reductions and efficiencies to support economic recovery,” said Calgary’s Chief Financial Officer Carla Male, in the release.
Calgarians can expect to receive their property tax bills by May, with payments due on or before June 28.