- Town Hall
- Taxes and Utilities
- Property Taxes
Overall residential property taxes increase 4.65% in 2023
Council approved the tax rate bylaw this week, which sets the overall amount of money collected from property owners in 2023.
Property taxes are collected to pay for all municipal services and programs such as fire rescue, police, streets maintenance, snow clearing, recreation services, garbage and parks management. The Town also collects education taxes for the Government of Alberta in the annual bill.
The total residential property tax levy from all properties (municipal and education taxes combined) increased 4.65% over last year. On average, the municipal levy for a residential dwelling will be 11.11% greater than in 2022, but the education levy will be 1.22% lower than last year.
For the typical home assessed at $467,100, that will be an increase of $101 for the year, or $8 more per month for those on a payment plan. That typical property will have an overall annual tax levy of $2,263, broken down as follows:
- Municipal levy $1,146
- Provincial Education levy $1,092
- Bow Valley Regional Housing levy $26
The municipal tax increase will affect property owners differently, depending on how their property’s assessed value compares to the average in Banff. While property assessment changes affect individual property tax bills, they do not affect the total tax revenue collected by the Town, which was set in the budget approved by Town Council in January.
The Town of Banff is required by the Government of Alberta to adjust the rate of taxation between commercial properties and residential properties to 5:1, meaning commercial properties can pay no more than 5 times the taxes than a residential property for the same assessed value. The Town has until 2027 to reduce the split to 5:1.
This year, a tax rate split of 5.5974:1 was approved, meaning commercial property owners pay $5.60 for every $1 of taxes paid by residential property owners on the same value of property.
Property taxes due July 3, 2023
Tax notices will be mailed out starting May 31. For the average residential dwelling assessed at $467,100, the average municipal property tax is $1,146, or $96 for those on the monthly payment plan.
Sign up for the Tax Installment Payment Plan and pay monthly. The Town will make automatic withdrawals from your bank account of a pre-determined amount.
Pay your taxes through your mortgage bank or company. If you have chosen this method, it will be noted under the Reference Section on your tax invoice and no payment is required to the Town when you receive your property tax invoice.
Pay your property taxes through most chartered banks using telephone, online and ATM banking services. Register with your bank.
Single Annual Payment. Mail a cheque or money order payable to the Town of Banff. Record your roll number or your property address on the cheque and enclose the bottom portion of your tax invoice. Post-dated cheques must be dated no later than the due date. Mail to:
Town of Banff
Attn: Taxes & Utilities
Banff AB T1L 1A1