Here's why Edmonton is facing a 7% property tax hike in 2024
Property owners in Edmonton are looking at an increase in their taxes for the upcoming year.
In the proposed budget, released ahead of discussions and deliberations that are expected to continue over the coming days, the City Administration forecasts that a spike of 7.09% is required to retain services across the city.
That includes an increase in salary for the police service, which was previously approved by Edmonton City Council, and higher energy costs. A decrease in revenues from transit fares and ATCO Gas franchise fees also added financial pressure and contributed to the rate rise.
The City said it’ll cost $41.2 million to maintain services next year.
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“We have limited resources, and we know that many Edmontonians are also stretched thin,” Stacey Padbury, Edmonton’s chief financial officer and deputy city manager, said in a statement.
“We are only recommending budget adjustments that are necessary to maintain our services and deliver critical capital projects.”
The proposed increase is 2.13% higher than what was initially approved by Edmonton City Council when it set the four-year budget in December 2022. That budget has around a 5% increase for each year.
The 2023-2026 budget is intended to help fund increases to affordable housing, transit service, snow and ice control, energy transition and climate adaptation initiatives.
A train in Edmonton is pictured. (Lisa Bourgeault/Shutterstock)
Some of the money will also go towards major construction projects like the Valley Line West LRT, the Lewis Farms Rec Centre, the rehabilitation of the High Level Bridge and Hawrelak Park, and the Yellowhead freeway conversion.
The recommended tax increase would mean that Edmonton households would pay approximately $750 dollars for every $100,000 of their assessed home value in 2024 — up by $49 from the previous year.
If approved as is, it would be the biggest jump seen recently. Council did not raise taxes by more than 3% in 2019, 2020, or 2021.
The increase will impact everyone differently as it’s dependent on how their property’s assessed value shifts in relation to the market.
The City said that this is an early estimate that will be refined as the City advances through the annual budget, assessment and taxation process.
The budget is expected to be finalized before the end of November, after Council deliberates and makes the needed adjustments.
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