DIDSBURY – Didsbury town council approved tax rates for 2020 at the May 26 council meeting, which was held by teleconference.
The rates for residential and non-residential both decline from 2019 levels.
Mayor Rhonda Hunter said reducing the rates was done, in part, to support residents and businesses impacted by the COVID-19 pandemic.
“We hope this is helpful,” said Hunter. “Both residential and non-residential are feeling the economic impact of the pandemic. We identified that not just one sector of our ratepayers are being impacted, so by adjusting them both downward that is the best and fairest approach in acknowledging that for everybody.
“Last year we raised residential by two per cent and reduced non-residential by two per cent. We did say last year that we would adjust residential when the opportunity arose and this year we could reduce the tax rate for residential and non-residential and we felt that the most fair approach.”
The 2020 residential rate is 8.225, on a tax levy of $3,968,320 on a total assessment of $482,459,020. In 2019, the rate was 8.46.
By way of example, the tax bill on a residence assessed at $400,000 can be calculated by dividing 400,000 by 1,000 and multiplying the total by 8.225 for 2020.
The 2020 farmland rate is 8.2245 for a tax levy of $47,791 on a total assessment of $5,810,260.
The non-residential rate is 8.769 for a tax levy of $577,683 on a total assessment of $65,877,230. In 2019, the rate was 8.918.
The machinery and equipment tax rate is 8.769 for a tax levy of $2,008 on a total assessment of $228,930.
The residential/farmland 2020 education tax rate is 2.510 for a tax levy of $1,242,594 on a total assessment of $494,972,660, while the non-residential rate is 3.858.
The Mountain View Seniors' Housing requisition rate for residential/farmland is 0.390, the same as for non-residential.
The designated industrial property requisition rate is 0.076 for a total levy of $607,799.
The tax rate bylaw received first reading on April 28 and second reading on May 12.
The 2020 operating budget was passed last month. It calls for a 3.3 per cent reduction in spending compared with 2019.
The operating budget calls for total expenditures of $11,523,862, down from $11,899,872 in 2019,while the total tax support requirement is $4,676,174, down from $4,837,046 in 2019.