Olds residents will get a 2.9 per cent tax rate increase in 2012.
Town of Olds council had originally planned to increase last year's rate by 3.4 per cent in December.
However, after going through the 2012 budget, town administration found some budget reductions, which had a direct impact on the municipal tax requirement.
“We found reductions in some staffing areas, such as seasonal wages,” said Terryl Allen, director of corporate services for the Town of Olds.
“We did have some projects that have been deferred as well, to do with our website. Some aspects of it are going to be done in-house this year, instead of being outsourced.”
The owner of an average Olds residence valued at $284,008 will pay a tax levy of $1,574.31, an increase of $73.63 from last year.
Olds residents can also expect a 6.9 per cent increase for the 2012 Educational Property Tax Requisition. The town's requisition amounts to $3,318,874, an increase of 10 per cent from the 2011 requisition.
The owner of an average Olds residence will pay a total 2012 combined tax of $2,327.13, which includes the 2012 Educational Property Tax Requisition and the Mountain View Seniors' Housing Tax. The combined tax amount represents an increase of $133.33 from last year.
“Whatever we can work for the purse of the citizens of the Town of Olds and lower what they need to pay, it's always a win-win situation,” said Mayor Judy Dahl.
“It wasn't something that came easy of course, with the high cost of our education tax, but we have to understand that it is what the citizens ask for across Alberta, and that's what they got. We all have to pay.”
Mayor Dahl said she had heard people in the community about the town having high taxes. She would like to remind residents that Olds has already gone through rate increases that other towns still haven't done.
“Other regional municipalities are yet to really do their increases for water, waste water, and garbage,” said Dahl.
“That hits. Olds is going to be looking really good and in a great position.”
Olds residents can expect to start receiving tax notices during the week of May 14. The deadline for paying taxes is June 30.
