Edmonton property taxes will only rise 2.7 per cent this year
Reduction made possible due to growth in property assessments
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Rejoice property-owners: city property taxes will only rise by 2.7 per cent this year, which is less than the 2.85 originally predicted.
The city announced the change Thurday, after officials say they found about half a million extra dollars in property assessments.
“In this little bit of extra good news, it’s a little more growth of property that can share the tax burden and lighten the load for everyone,” Mayor Don Iveson told reporters Thursday.
This year's increase is slated to pay for neighbourhood renewal (1.5 per cent), the Valley Line LRT (0.6 per cent) and operations (0.75 per cent).
The reduction will require city council approval Tuesday, and councilors could veto the tax decrease in favour of giving funds to some of the many organizations eyeing cash to kick-start projects.
But Iveson said he doesn’t expect there will be significant modifications to make that happen.
“Council can always amend the budget,” he said.
Chief Financial Officer Todd Burge said in March the city is looking at a 5 per cent increase in 2018, though staff are working to bring that number down.