Council’s executive committee received the 2023 preliminary assessment roll, which gives a picture of the assessed value of properties across the city.Sign up to receive daily headline news from the Calgary SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
It showed that residential property values are up 15.4 per cent across the city, while non-residential properties are up 6.3 per cent, reflecting the real estate boom across Canada. Based on those numbers, and how much money the city anticipates it will need in 2023, administration suggested it will be not only possible but necessary to reduce the city’s tax rate.
Under the city’s revenue neutral tax system, it first determines how much money it needs and then sets the mill rate to collect that target amount based on assessed property values.Article content
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City's tax scenarios give window into how much homeowners could payThe city’s preliminary look at assessed property values shows the city’s coffers could be buoyed by a national real estate boom.
Source: calgaryherald - 🏆 64. / 52 Read more »
Opinion | John Tory says low property tax increases are needed to protect seniors — but there’s already a program for thatOpinion: John Tory says low property tax increases are needed to protect seniors. But Toronto has a program that allows homeowners who are seniors or disabled to apply to either defer or cancel annual property tax increases, writes GraphicMatt GraphicMatt Worst case scenario the seniors have to sell their homes for 1.8 million dollars after buying them for 150k. They’ll be alright GraphicMatt you know the seniors' program is BS- almost no participation- Look to Florida's SOH model - high prop taxes for investors and seasonal - not for residents -- perfect example is John Tory's Palm Beach crib he pays 1.37% of market value his neighbor 0.5% GraphicMatt Matt, the same home in Toronto or Sudbury ( bedrooms, yard size ) will show Toronto pays far higher taxes, doubled by the education levy. Assessed value is unfair when used across the province for education tax.
Source: TorontoStar - 🏆 60. / 55 Read more »