Sylvan Lakers get good tax news

Residential tax rate increase reduced to 1.2% from earlier projected 2.74%

The tax news for Sylvan Lake residents just keeps getting better.

A forecast 2.74 per cent residential tax rate increase was tentatively lowered to 1.9 per cent last month because of a $750,000 surplus.

That was further trimmed to 1.2 per cent when town council approved the tax rates on Monday evening.

There will be no increase in the non-residential tax rate, which was originally projected at 2.74 per cent in the town’s three-year financial plan.

Since the town, like all other Alberta municipalities, does not know how much the province will want in education taxes, the school requisition of the last two years was averaged.

If the requisition comes in higher than anticipated, the difference will be reconciled at year end and adjustments made in 2020 if necessary.

Property tax notices are going out on May 24 with taxes due by July 31.

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