Penhold will maintain its 2023 residential mill rate, but properties with an increased assessment value will see property taxes increase.
The town said additional revenue from continued commercial and residential growth, combined with increased property assessment values, made it possible to maintain the mill rate.
“We are proud of administration and their efforts to continuously work towards providing the same high level of services, while ensuring infrastructure is maintained, with only a minimal municipal tax increase, despite ongoing cost increases,” said Mayor Mike Yargeau, in a statement.
“Further to that, we have kept the increase at less than half of the national average rate of inflation.”
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The town said that despite having above higher tax rates in the past, Penhold’s municipal taxes are lower now than they were 10 years ago.
On average, a single family home in Penhold has seen a decrease in municipal taxes while also having an increase in home value assessment.
Residents who purchase a newly constructed home will also benefit from the New Home Buyer Incentive Program in 2024. The program offers individuals, purchasing a newly constructed home, a municipal tax reduction of up to 50 per cent the first year they own the home, and 25 per cent the second year of ownership.
Residents can sign up for the Tax Installment Payment Plan (TIPP) program, to make equal monthly payments versus one lump sum payment, at any time during the year.
The full 2024 Tax Rate presentation can be found on the town’s website.