|
|
|||
| May 3, 2000 Vol. 24 No. 38 | |||
|
|||
|
In this issue... Opinion Editorial Paul's Place News Sports Classified Ads Real Estate ![]() Heritage House fund-raiser huge success See News ![]() Diamondbacks take the field See Sports |
Keith Duncan gets some air as he was one
of the first to take a spin on the new Okotoks Skate/Board Park on Saturday. The
park will officially open at the end of May.
photo by John Barlow
By Cindy Ballance
Editor
Residents of Okotoks will soon see some good news on their tax bill this year
after council unanimously decided to cut the municipal portion of the tax rate by
five per cent.
For the year 2000, taxes payable on a typical residential dwelling will drop by about
$30.
In 1999 Okotoks grew at a breathtaking rate of eight per cent, approximately three
times the growth rate of Calgary.
Due to this rapid development, market values of residential properties skyrocketed
almost five per cent over last year.
To alleviate the potential effect of market value growth on taxes payable, municipal
tax rates (municipal and recapitalization rates combined) will fall by five per cent,
while the overall tax rate tumbles by 6.3 per cent.
Okotoks council attempted in its budget projections to offset market value increases
by decreasing the municipal tax rate by five per cent, explained municipal manager
Will Pearce.
The increase to market values in Okotoks is also an indication of a desire of people
to live and reside in Okotoks, explained Pearce.
'Increases in property values are clearly a reflection of the market demand,' he
said.
For example a typical residential property valued at $125,000 in 1996 is valued at
about $162,000 in 2000.
Although a typical residential property has seen the value of the home go up by about
30 per cent, the taxes payable have remained the same (about a $12 increase), said
Pearce.
'There has been no change in the municipal tax rate even though property values have
gone up, ' he said.
Although market values, due to excessive growth, have increased 8.7 per cent from
1997 to 2000, municipal taxes rose less than 3.8 per cent and total taxes rose only
0.2 per cent per year which equates to about $4.07 per year.
However, in order to alleviate the market pressures felt by Okotoks residents, Okotoks
council was directed by the Finance and Budget Committee to decrease the tax rate.
Although it is estimated that Okotoks residents will save $30 per year, individual
taxes payable will vary based on individual market value growth or decline.
The decrease in the total portion of taxes by 6.3 per cent was also due to a five
per cent cap placed by Alberta Education on the school requisition.
'In part because of that self-imposed cap across the province, the school requisition
for the Town of Okotoks actually dropped,' said Pearce.
Pearce added that most of the requisitioning bodies on the tax bill have decreased
their portion in 2000.
'Each partner on that bill has done well with the management of those public dollars,'
he said. 'Everyone has benefitted in stability (of the tax rate) and in many cases
a modest reduction.'
Council was pleased with the recommendation to lower the tax rate while still continuing
to meet the recapitalization needs of the town's infrastructure and increasing commitments
to public safety through police, fire and emergency medical services.
'The tax rate satisfactorily gathers the funds needed to manage the budget approved
by council for 2000,' said Councillor Ed Sands.
'Council has been very slowly and carefully putting more money aside to rebuild our
infrastructure,' added Pearce. 'This is a very responsible approach to putting money
aside to start protecting our community-wide assets.'
|
|
|||
|
|||
|
search the western wheel |
search regional white pages |
search for real estate |
|
|
|
||||||||
|
|
||||||||
|
|
||||||||
|
|
||||||||
|
|
||||||||
|
Published Wednesdays at Okotoks, Alberta, Canada. Serving the communities of Okotoks, Aldersyde, Black Diamond, DeWinton, Longview, Millarville, Priddis, Turner Valley, Bragg Creek, and the rural ratepayers of the M.D. of Foothills. And now the World. Established August 3, 1976. |