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 5.577:1 was approved, meaning commercial property owners pay $5.58 for every $1 of taxes paid by residential property owners on the same value of property.
Property tax bills will be mailed around May 31, and are due by Monday, July 3, 2023.
Indigenous Framework endorsed
Council endorsed the Town’s Indigenous Framework, which was identified as a priority in the last two council strategic plans.
Grounded in the spirit of Truth and Reconciliation, this initiative recognizes that our community’s shared history is deeply connected to Indigenous Peoples and that we must work together as partners and stewards of the land. Reconciliation is about understanding the past and working together to build a new future. With an emphasis on building relationships, education and action, the Indigenous Framework is a guiding policy to assist the municipality in being respectful, cooperative, and active partners in the process of reconciliation.
A copy of the framework can be downloaded at banffviewpoints.ca/framework