$11 less in municipal property taxes for the average home

Last night, town council approved a 2021 tax rate that will see owners of an average single-family dwelling assessed at $455,900 pay $11 less in municipal taxes, amounting to a 0.44 per cent decrease.

The average home will pay $2,263 in municipal taxes. A total of $1,217 will also be charged for education and Rocky View Foundation levies, bringing the total tax bill to $3,480.

There was a 2.5 per cent increase in education taxes, and Cochrane properties will be contributing a total of $15.5 million.

The levy for the Rocky View Foundation, which operates both the Big Hill Lodge and Evergreen Manor in Cochrane, increased 49 per cent. A total of $302,266 will be collected, compared to $202,858 in 2020. The increase is largely attributed to the addition of the Airdrie Lodge project.

Because the assessed value of a home varies from property to property, Katherine Van Keimpema, the town's general manager of corporate services, told council most property owners will have tax changes that are either higher or lower than the average.

That average single-dwelling tax bill puts Cochrane on the high end of the scale when compared to municipalities surrounding Edmonton and Calgary. Of those used in the comparison, Van Keimpama told council only High River, Okotoks, and Strathmore residential property owners pay more than Cochrane.

In stark contrast, Cochrane offers a significantly lower non-residential property tax. The City of Calgary charges nearly 136 per cent more than Cochrane, and City of Airdrie charges nearly 50 per cent more. Of the list of comparable municipalities, only the City of Leduc charges less.

Non-residential taxes in Cochrane will increase an average of 1.52 per cent and continue to make up 15 per cent of the municipal taxes collected.

Properties in the Community Revitalization Levy (CRL) zone, largely non-residential properties in the Quarry commercial district, will collectively pay $1.38 million in taxes, based upon their incremental assessed value. This revenue will be used for approved infrastructure projects in the CRL. The town will collect an additional $18,382 in general revenue from these properties from their baseline taxable assessment.

The 2021 town budget calls for total expenditures of $60.4 million, of which $29 million is raised through general taxation.

Tax bills are scheduled to be in the mail by May 31 and can be paid without financial penalty on or before June 30.