Council passed first reading for a 6.35 mill rate for residents, 7.87 for non-residents and 7.87 for machinery and equipment during council March 26.
Based on an average of 10 assessment values provided from the town, $40 is the average expected increase for homeowners, and $60 for non-residential.
“This is a good bylaw,” said Coun. Tracey Walker. “I think we've done the best we can. We're trying to hold the line on taxes. Requisitions are a reality,” she said.
After the provincial budget was approved the town received the 2012 Education Property Tax requisition which showed an increase of 7.1 per cent for Innisfail for a total revenue of $2,702,843.
Helen Dietz, CAO, explained that since receiving the school requisitions and assessments they have been able to lessen the municipal mill rate to assist with the increase.
“It's a three per cent increase overall. It includes a very little municipal mill rate increase to help residents with the school (requisition)” she said of the average increase for residents.
During council's budget process earlier this year, council approved an additional three per cent tax revenue for municipal purposes but because of some assessment growth the residential and non-residential tax rates will only go up 1.69 per cent to meet the tax requirement increase, a request for decision in the council package explained.
This means the school tax rate is going up 5.85 per cent and non-residential school tax 7.53. The senior tax rate is also increasing due to a feasibility study being undertaken by the Parkland Foundation and will total $32,212 in revenue.
The total assessed value of all property in town is $960,471,650 with an estimated $9,205,555 expected to be raised by general municipal taxation.
The average residential municipal tax increase is 1.64 per cent and school tax increase is 5.82 per cent with a combined average increase of 3.08 per cent from 2011. For non-residential properties the municipal tax increase is 1.25 per cent, the school increase 7.06 per cent and combined average increase at 3.28 per cent.
The bylaw will be brought back to council April 9 for second and third readings. Once the bylaw has been passed 2012 assessments and taxation notices will be prepared and sent out by the end of April. The deadline for paying taxes is June 30.
