OLDS — The Town of Olds' council has officially set its 2025 tax rate.
The five per cent municipal tax increase set last December and discussed April 14 remains in place.
The tax rate was officially set April 28 when council passed its tax rate bylaw.
The plan not only includes a five per cent increase to the municipal portion of the average property owner’s tax bill, but also draws $167,000 from the municipality's tax stabilization reserve to make the numbers work.
As a result, the average residential single-family home will see an increase to the municipal portion of its taxes of $112 or $9.33 a month.
The Town of Olds is also required by law to collect education taxes and a seniors’ housing requisition and pass them directly on to the provincial government.
Council was told that this year, the education tax has been hiked by 12.2 per cent and the seniors’ housing requisition has risen by five per cent.
“This, in essence, is basically a 21 per cent increase into our municipal taxes. Is it not, director Lindemann,” Coun. Wanda Blatz asked.
“Nothing comes to the town. I just wanted to clarify that, because I think that's really important, that that our residents realize that.”
Blatz also said council decreased the potential tax rate to keep it at a five per cent increase.
“The residential tax rate will go down just over two per cent and then the non-residential tax will go up (to hit that five per cent rate),” Linderman said.
“Perfect. That's why I wanted that clarity, because I think that's very important, because I did comparatives to some of our comparable municipalities, and we are still very reasonable with our tax rate,” Blatz said. “So thank you for that.”
With that, the bylaw passed second and third reading to become law.
“I thank administration for all their hard work,” mayor Judy Dahl said.
