When tax bills are issued later this month, the average Cochrane single-family dwelling will be paying $61 more a year in municipal taxes for 2019. 

Last night, Cochrane town council set a 2019 tax rate that will increase municipal property taxes an average of 2.74 per cent, slightly lower than the original 2.98 per cent increase forecasted in December. Residents will also see a similar percentage increase in the school requisition collected by the town for school authorities.

In presenting the 2019 tax rate bylaw, Katherine Van Keimpema, the town's senior manager of corporate services, said the average increase may be $61 per year but noted it's rare for a home to fall exactly on that average and most will be above or below that number.

The average single-detached dwelling in Cochrane is assessed at $479,000, up by a nominal 0.13 per cent from 2018. It means a single dwelling of that value will be paying $2,251 in municipal taxes plus requisitions for the school authorities and the Rocky View Foundation that are beyond the control of the municipality.

The 2019 town budget calls for expenditures of about $63.6 million and of that $27.5 million is raised from general municipal taxation. Residential properties account for 89 per cent of the town's property assessment and the balance is nonresidential.

Because a provincial budget isn't expected to be tabled until the fall, the town was given the burden of estimating the school requisition. It has been set at the same percentage increase as town taxes and will raise just under $14.9 million for school authorities. Overall, $545,000 more is being collected.  Should the increase be deemed too high or too low after the release of the provincial budget an adjustment will be made in 2020.

In addition, residents pay a requisition to the Rocky View Foundation that provides senior housing, including the Big Hill Lodge here in Cochrane. A total of $204,763 will be collected from Cochrane property owners for the foundation.

Based upon a house assessed at $479,000, Cochranites will be paying $235 more a year in municipal taxes than homeowners in Airdrie, despite their 8.47 per cent increase this year. Both are high compared to those paid by Rocky View County residents, who pay $1,205 for a home of the same value.

On the other side of the scale, Cochrane residential taxes remain about $250 lower a year than in Okotoks for a home assessed at the same value.

Nonresidential property tax is slated to increase an average of three per cent. Van Keimpema explained Cochrane's nonresidential tax rate is 12 to 23 per cent lower than RVC, Okotoks and Airdrie and that difference will be addressed in a tax policy administration intends to bring to council for consideration in the future.

Residential tax continues to account for 85 per cent of the local taxes collected for the municipality. 

Tax bills will be mailed no later than May 29 and are due June 28, 2019. Penalties are applied after that date.