The tax will increase in 2019 by $13.92 for every $100,000 your home is valued at.
Stony Plain council has finalized its municipal tax rate bylaw for 2019, and what you will pay for property taxes is lower than originally projected.
The municipal portion of the tax increase was finalized to 2.33% following the spring budget adjustments last month. That is down from the 3.37% that the town originally had projected in its corporate plan back in November.
Manager of Corporate Services, Jen Boleski, says your taxes will increase by $13.92 for every $100,000 your home is valued at. This means a $400,000 house will see an increase of about $5 per month and roughly an additional $56 for the year.
“It all depends on how the property was assessed…that [increase] will be individual to each property, whether the market went up or down, [or] if they did renovations since the last assessment,” she said.
Boleski explains why the percentage dropped from the initial estimate.
“That’s due to the assessment numbers finalizing. We actually had some growth in our [home] assessment numbers, which brought the rate down further,” she said.
Mayor William Choy says it is important to remember as the community continues to grow, tax increases are necessary for Stony Plain moving-forward.
The new prices will come into effect for residents' June 30, 2019 bill.