Public Notice is hereby given of a Special Meeting of Council duly called in accordance with Section 194 of the Municipal Government Act, to be held on:
Date: Friday, May 17, 2013
Time: 9:30 a.m.
Place: Town Hall Council Chamber, 110 Bear Street, Banff AB
The purpose of this meeting is to consider the following:
2013 Tax Rate Bylaw #240-10
1. That council rescind council motions COU13-85, COU13-86, COU13-87, and COU13-88 to quash 2013 Tax Rate Bylaw # 240-09.
2. That Council give three readings to 2013 Tax Rate Bylaw #240-10.
At the May 13th Council meeting Council approved tax rates for 2013. During the review process of the tax bills it was discovered that the assessment for the linear properties in town were not included in the assessment estimates used for calculating the 2013 tax rate. The result would have been an over levy of approximately $127,000 in municipal tax revenue if left unchanged. Appendix A in the agenda package illustrates a 6:1 tax split with the revised assessment values. This revision does not change the overall tax increase as the requisitions all stay the same but it will make minor changes to the percentage increases to Residential and Non Residential taxes.
Overall with the revised tax rate residential taxes will increase 6.01% instead of 6.5% previously reported and non-residential properties will increase 4.48% instead of the 4.24% previously. However, because the non-residential levy growth is being spread over a larger assessment base the actual levy increase for each property will be less than what was estimated in the original report. An average residential property assessed at $631,300 will see an increase of $197 over the 2012 levy and an average non-residential property assessed at $3.225 million will see a levy increase of $2,887. The original estimated increases were $213 and $2,990 respectively for residential and non-residential properties.
The agenda package for this meeting can be found here: