Penhold citizens will see a minimal increase in their residential taxes for 2011 and that is because the tax rate remains unchanged from last year.
However, because the provincial education tax requisition increased slightly and property assessments went up marginally their property tax bills will show a small bump up. Penhold citizens will see an average increase of 2.6% in their property taxes.
“I’ve talked to residents and some will see a $2 increase, others may see an extra $40. Mine are rising $92, and that is because I made basement improvements,” said Mayor Dennis Cooper, adding that a zero tax rate was established at a special meeting of council and administration on May 30.
“But there isn’t a big increase. We have held the line on spending and there is a lot more demand on the town.”
Cooper noted that the town witnessed another 50 homes being built, and the revenues from that were another factor that kept the overall tax increase down.
In 2011, town expenditures will be $5,972,796, with just over a third of that figure going towards the new multi-million dollar Penhold Regional Multiplex.
“The biggest increase in expenditures if for the multiplex. We didn’t have that last year,” said Cooper, noting the facility was not fully operational until last November. “The town has taken out a $2.5 million debenture on the multiplex, and we didn’t have that for 2010.”
Cooper is also pleased to see that commercial and industrial mill rates will go down in 2011, a fact aggressively pursued by the town as it strives to increase development and revenues in both those areas.
“Ninety-five per cent of our revenues come from residents. We have to lower the rate in commercial and industrial,” said Cooper. “We want developers to look at Penhold as a place to look at. It is growing. We are building 50 homes a year.”
