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Posted on: May 17, 2018

2018 Property Taxes Explained

Where your tax dollar goesCouncil has approved a municipal property tax increase of 3.48% for residential properties and 9.18% for non-residential properties. The average residential dwelling unit (assessed value of $487,000) will see an increase of approximately $89 more with municipal and provincial property tax combined.

The 2018 Town of Banff operating budget is $40.9 Million and capital budget is $44.9 Million of which $21.9 Million is carried over from 2017. Property taxes represent 41% of revenues. Other funding sources are utility fees, licenses and permits, user fees and government grants.

Property taxes pay for municipal infrastructure and services such as fire, police, transit, snow clearing, the library, parks and more. The level of support is determined by you, through your input on service level review and budget, resident satisfaction surveys, master plans and initiatives.

Banff property owners will see a line in their annual tax invoice showing the portion of municipal property tax directed to community housing initiatives. The 2018 annual portion will be approximately $7.45 for the average residential dwelling.
Taxes are due by 4:30 p.m. Friday, June 29 to avoid late payment penalty charges.

For more information on paying your property taxes, visit banff.ca/taxes, email taxes.utilities@banff.ca or telephone 403.762.1230.
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