Red Deer County has made its 2024 tax rate increases official.
Council approved one per cent residential and 10 per cent farmland tax rate increases at its Tuesday meeting. Non-residential tax rates remain unchanged.
The county will collect $52.3 million in taxes this year — up$2.9 million or 5.8 per cent from last year. Of the increase, 1.5 per cent is due to growth and much of the rest reflects increased property values.
A typical acreage property assessed at $587,950 — up from $550,000 in 2022 — could expect to see their tax bill go up by about $250, to $3,970, based on increasing property values alone and without any change in the tax rate.
The residential value increase on the sample property was based on an estimated average 6.9 per cent increase in property values, although it varies widely based on property types and locations.
The one per cent increase will add $274 to the sample bill.
About 60 per cent of the tax bill is the municipal portion and the rest is largely the education requisition plus a much smaller requisition for seniors housing. Requisitions, including money collected for policing, increased 6.35 per cent — or $1.28 million — to $21.4 million in 2024.