Edmonton city council unanimously agreed on an 8.9-per cent property tax increase Tuesday evening.
The hike in taxes will assist the city to “respond to several budget pressures that have increased significantly” since the city laid out the current budget in 2022.
As a result of this approved increase, Edmonton property owners can expect to pay about $66 more for every $100,000 in assessed property value according to the city.
The increasing costs outlined within the adjusted budget include increased energy costs, labour costs and Workers’ Compensation Board insurance premiums.
The city also noted that they are seeing less income than originally projected from gas franchise fees revenue from ATCO and also less revenue from business licenses along with transit fares.
The average single family home, valued at $450,000 will now pay approximately $3362 in annual property taxes.
Mayor Amarjeet Sohi cited that this increase was needed for the city:
More revenue is being spent on bus service, along with funds towards increasing encampment response and supprt for Edmonton’s houseless population as outlined in the new budget.
$22.9 million will be set aside for the delivery of affordable housing projects which will also see funding from other levels of government. $15.8 million will be spent on 20 new diesel buses to add to the Edmonton Transit fleet, along with ciritical renewal projects which include LRT tunnels, police equipment, technology and equipment, according to the mayor:
Mayor Sohi also made note of the fact that Edmonton would be in much better financial standing, should the province shell out the proper amount of property taxes owed to the city through grant funding whichsits at nearly $80 million that has yet to be paid. “If they paid those taxes, we’d be in a much better position”, according to the mayor.
Tax notices will be mailed to all property owners on May 23, with property taxes due on June 30.
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