Property tax increasing for average Sylvan Lake homeowner

Town of Sylvan Lake homeowners will see an average property tax increase of 2.4 per cent this year.

Town of Sylvan Lake homeowners will see an average property tax increase of 2.4 per cent this year.

Council passed its tax rate bylaw on Monday night. The municipal portion of tax bills will go up an average of 0.65 per cent and the provincial education requisition will add 1.75 per cent to tax bills.

A sample residential property assessed at $318,740 this year will see a total tax bill of $2,481.07 — an increase of $51.22 over the previous year.

The economic downturn had an impact on the town’s assessment base. Property values dropped by 1.7 per cent overall. However, this was more than made up by a three per cent increase in new development, which added nearly $25 million worth of taxable properties.

On the commercial side, some businesses will see a small decrease in their taxes. An average commercial property assessed at $311,070 this year will pay $2,946.46, down $145.51 from 2010.

Town council approved a $25.6-million operating budget in January.