Council Approves Strathmore Property Tax Rates

Council Approves Strathmore Property Tax Rates

Property tax rate increase set at 5.6%

STRATHMORE, ALBERTA | May 16, 2024

Council approved the Property Tax Rate Bylaw at the Wednesday, May 15 Town Council meeting.

Each year, Council approves the budget required to support Town services. The Town's 2024 Operating and Capital Budgets guide the Property Tax Rate Bylaw and the tax rates reflect the amount of tax to be paid for every dollar of assessed property value. Funds collected through property tax are split between the Town of Strathmore, the Government of Alberta, and Wheatland Housing.

Property assessments are prepared annually using mass appraisal techniques, which determine property values by grouping similar properties at a specific point in time. Assessments do not reflect a single sale price; they show the typical market value on the same date each year. This year, the average residential single-family assessment increased by 16.3%, up from $368,600 in 2023 to $428,700 in 2024.

To support the Town’s essential municipal services, including community safety, roads and infrastructure, and essential programming, while continuing to minimize inflationary impacts on the community, Town Council has voted to set the property tax rate increase at 5.6 %. From the property taxes collected, the Town of Strathmore retains 73 % to support municipal operations, while 26 % is transferred to the Government of Alberta to support education, and 1 % is used to support Wheatland Housing. In order to offset the higher than expected requisitions from the Government of Alberta and Wheatland Housing Management Body, Council amended the 2024 Operating by increasing the transfer from the Financial Stabilization Reserve by $202,100.

“Property taxes enable the Town to continue to deliver quality services to the community,” shared Mayor Pat Fule. “During deliberations, Council was focused on balancing our need to invest in our infrastructure and fund the programs and services that our residents rely on, with our desire to minimize the financial burden on residents and businesses.”

With the passing of the Property Tax Rate Bylaw, Administration will prepare the 2024 property tax bills to be mailed to property owners during the last week of May, with payments due June 30, 2024. Along with the tax bills, information will be provided to property owners regarding the 2024 Operating and Capital Budgets. The property tax notices will also provide information on the Town's monthly Tax Installment Payment Program (TIPPS) and the Town's new Tax Arrears Payment Plan (TAPP).

For more information about how the property tax rate is set, visit: https://strathmore.ca/en/residents/taxes.aspx.

Additional resources:

Budget Breakdown - Handout 2024
Understanding Your Tax Statement - Handout 2024
Explaining the Tax and Assessment Relationship - Handout 2024