An $18 reduction in education taxes and a slight drop in the Rocky View Foundation levy has helped to keep the residential property tax increase to $5.

Last night, town council set the tax rate that saw the town collect $23 more for the average residential property assessed at $470,100, amounting to a 1.02 per cent increase.

All in, an average home will pay $3,487 in property taxes. Of that $2,274 goes to the town while $1,214 goes to education tax and the Rocky View Foundation levy. Last year it was $3,482.

The levy from the Rocky View Foundation for seniors housing came in $1,405 less than last year.

Budgeted expenditures for 2020 is $59.3 million. Of that $28.7 million is raised from property taxes.

Councillor Marni Fedeyko was the lone naysayer, continuing to express concern over providing up to $1.5 million to the Spray Lake Sawmills Family Recreation Centre that won't impact ratepayers until 2021.

"From a residential standpoint, we should have done everything that we could in our power to lower that to under one per cent, and that is why I'm sticking to my opposition side of that decision," said Fedeyko.

"I feel that residents expected us to probably step in and do what we could to reduce that. As great as it is to move forward, I think that there are so many questions when it comes to moving forward that I can't necessarily support what that looks like."

Councillor Tara McFadden voted in favour of the tax rate but said she will look at next year's budget in a different light when the town starts to recover the cost of providing the funds to the SLSFSC.

The funding plan includes provisions to replace the reserve draws over the next four years, amounting to a potential $1.72/month tax increase in 2021 on the average residential property.

If SLSFSC did not receive the financial support it likely would remain closed until the end of 2020, even if the province gave the go-ahead for a reopening.

"Overall, I am comfortable with where we've landed, It's a tricky time for everyone, but at a $5 increase that's essential zero per cent and we're both dealing with the COVID and preparing for the future, and that's the balance that has been pretty tricky for everyone to hit, but I think overall I can agree with this one."

Mayor Genung says much has changed in the last year, and the budget strikes a balance. 

In December, it was estimated taxes would increase by 1.93 per cent.

"To be clear to residents, this isn't the budget that we talked about a year ago. This a much different budget with a lot of changes in it to accommodate different staffing levels, different service levels, different responses to the pandemic. To come out with the same tax rate at the end of that is a good feat."

Genung says it also allows the town to move forward with infrastructure projects residents want to see.

Residential properties continue to account for 85 per cent of the taxes collected, and nonresidential properties pay 15 per cent.

Residential property taxes are similar in most municipalities in the Calgary area, but sharply less in Rocky View County. The county collects $1,194 for its average residence.

Taxes are $27 per year cheaper in Calgary and $25 less in Airdrie for an average home, but they are $255 higher in Chestermere and $232 higher in Okotoks.

In contrast, Cochrane has the lowest nonresidential tax rate. Calgary's is 139 per cent higher, Airdrie's are 52 per cent higher, and Rocky View County's are 14 per cent higher.

Katherine Van Keimpema, the town's general manager of corporate affairs, said in the future council could consider increasing the share of taxes paid by nonresidential properties to low residential taxes.

"I know it's important for us to motivate businesses to come be in Cochrane, but we're giving them a big motivation, so there might be some room in future years to look at changing that split, but I thought this year was not the year to do that," said Van Keimpema.