Property tax bump stays at 3.5%
The City of Spruce Grove has finalized its tax rates for 2019.
Council gave final approval on Monday to approve the 3.5% property tax increase, which will amount to about $6.50 more per month for the city's average home.
The city's Revenue and Taxation Supervisor Tracy Lebedynski says more homes were added last year than initially expected.
"Assessment growth was approximately $10 million higher than budgeted. This primarily is found in residential and multi-family (properties), where actual growth was higher than anticipated, and non-residential was lower," she said.
"$10 million in assessment translates roughly to about $62,000 in residential taxes."
Despite the assessment growth, market value on most properties went the other way.
The city says non-residential properties went up 0.5% year over year, while multi-family units dropped 2.89% in value, and single family homes were down 1.69%.
Lebedynski says people living in Spruce Grove have will be taxed at a rate similar to people in neighbouring municipalities.
"The 2019 split rate is in line with the regional average. This is a process defined by our tax policies. We do a comparison with Leduc, Fort Saskatchewan, St. Albert, Stony Plain," she said.
In total, the city will raise almost $40.5 million dollars through taxation in 2019.
Tax notices are in the process of being mailed, and are due on June 30.