Raymond Town Council on Tuesday passed 1st reading of Bylaw 1118-22.
The bylaw outlines the 2022 municipal tax rate (or mill rate). This rate is determined by taking the Town’s budget divided by the total value of all properties within the Town. An individual tax bill is calculated by multiplying the tax rate with the assessment value of the individual property to ensure all property owners pay their portion of funds required to operate the Town of Raymond.
In 2020, the COVID-19 pandemic caused downward shifts in market value. But in 2021, a strong recovery to property values was realized. Like most communities in Alberta, Raymond property values increased in 2021. The 2022 Assessment reflects market value as of July 1, 2021.
Assessed values in town increased on average by 4.6% in 2021 with the average house price in Raymond being $255,697. Council worked extremely hard to reduce expenses where possible, while still striving to provide excellent services to you, our ratepayers. However, due to inflationary challenges, the province raising Raymond’s contribution to fund the provincial education system by $31,252.91, as well as charging the town $115,866 to fund the RCMP, Council is proposing to raise the mill-rate by 2.5%.
As a result of these increases, the typical house ($255,697) will see an overall increase of about $52.
Council is also proposing to increase the minimum tax rate for all residential properties from $950 to $1,050. They are also proposing to increase the minimum tax rate for those living within the Designated Manufactured Home Community from $550 to $650. Minimum taxes seek to have all property owners fund equitably, the services and infrastructure we collectively use, as well as create incentive for landowners of vacant lots to develop or sell their lots and facilitate additional development.
“The amazing facilities, services and programs that we all enjoy by living in Raymond are funded by property taxes, user fees and grants. For every dollar collected in taxes, roughly half remains within our control to help operate and maintain the programs, services, and infrastructure that the Town is solely responsible for” says Mayor Jim Depew. “We are aware people may see an increase to their overall tax amount this year, but please know that council sought to minimize the impact as much as possible, while trying to balance the immediate with the future needs of the community.
2nd and 3rd reading of Bylaw 1118-22 are scheduled to be given during the Tuesday, June 7th Council meeting. If passed, all 2022 property tax notices will be mailed out by June 9th, with a property tax due date set for July 15th, 2022.
If you have any questions, please contact Kurtis Pratt, Chief Administrative Officer at 403-752-3322 ext. 1002, or [email protected].