Title
2012 Tax Rate Bylaw No. 10-2012
Proposed Motion
That Bylaw No. 10-2012 receive all three readings.
Body
Administration Recommendation
Administration supports the proposed motion. All three readings are recommended at this time so tax notices can be mailed before the end of May.
Purpose
Pursuant to Part 10, Division 2 of the Municipal Government Act, Council must annually adopt a property tax bylaw. The tax bylaw establishes the property taxation rates, assessed against property within Parkland County, to raise sufficient tax revenue to fund Municipal Services and to provide for various requisitions from outside organizations.
Summary
On April 10, 2012 council approved a revised budget which resulted in a net municipal tax levy requirement of $37,115,844. This levy as well as the required tax levies for the Family Leisure Centre, Capital Region Board, Senior's Foundations and the Education requistions result in a total tax levy requirement of $55,706,546 (Attachment 2). The impact of the municipal levies on a typical property will be a 0.64% decrease or $17.04 reduction in taxes per year for residential and a 4.26% or $1,452.89 increase per year for non-residential (Attachment 3). After the school requisition is factored in the impact of the municipal levies on a typical property will be a 2.58% or $68.94 increase in taxes per year for residential and a 7.64% or $2,605.67 increase per year for non-residential (Attachment 3). It is important to note the municipality has no control over education taxes. The municipality is only responsible for levying them.
Strategic Plan/Policy/Legal/Staff Implications (As required)
Part 10 Division 2 of the MGA
Financial Impact:
Cost: $55,706,546
Source of Funding: Taxation