CREMONA - Village of Cremona council has OK’d the 2021 property tax bylaw and the 2021 budget. The approvals came by way of motion at the recent regularly scheduled council meeting.
Both the residential and non-residential rates are unchanged from 2020.
The tax rate bylaw calls for a residential mill rate of 8.415, a residential vacant rate of 12.495, a residential special rate of 2.958, and a farmland rate of 8.4354.
It also calls for a commercial rate of 13.260, a commercial vacant rate of 13.260, a linear rate of 13.260 and a DIP (designated industrial property) requisition rate of 0.0760.
Total assessment in 2021 is $46,441,900, up slightly from 2020’s total of $45,395,600, and the total tax levy required is $417,350.21, up from $408,647.35 last year.
“We always try to keep it (tax rates) as low as we can anyway,” said mayor Tim Hagen. “We’ve had a couple new houses built and that brought the assessment up, plus some of other assessments came up a bit, enough to make sure we covered everything.”
The COVID-19 pandemic “didn’t really play any part” in the decision keep the rates unchanged, he said.
A tax bill can be calculated by dividing the assessment by 1,000 and then multiplying the total by the mill rate.
The Alberta School Foundation Fund rate for 2021 residential is 2.530 and the non-residential rate is 3.760.
The Mountain View Seniors Housing Foundation rate is 0.3720 for residential and 0.3720 for non-residential.
The AB Policing rate is 0.275 for both residential and non-residential.
Residential assessment is $37,546,590, residential vacant $744,920, special residential $343,420, farmland vacant $40,590, commercial $5,177,520, commercial vacant $506,390, federal grants in lieu $145,820, linear $914,860 and designated industrial property $929,350.
Meanwhile, the 2021 operating budget calls for total revenues of $1,082,502, including $214,997 from water, $95,500 from garbage, $52,500 from sanitary, and $29,000 from library.
Total expenses are projected to be $1,073,275, including $164,289 for general administration, $105,750 for chief administrative officer, and $189,270 for public works.
Total department revenues are projected to be $512,085 and total department expenses are projected to be $920,395.