Property taxes in Olds will take a slightly smaller bite than anticipated this year.
Corporate services director Teryl Allen announced on Tuesday that the municipal portion of property taxes will increase by 2.9 per cent overall instead of by 3.4 per cent as had been anticipated.
Mayor Judy Dahl said she and her council are pleased that the town’s administrators were able to “sharpen their pencils” and make recommendations to create smaller increase than originally proposed.
The resulting adjustments are a “positive step forward” that will require no reduction in services while lessening the burden on ratepayers, said Dahl.
Council approved on Monday an operating budget of $21.75 million and capital expenditures of $7.78 million, said Allen.
Calculated on an average home worth $284,000, the impact would amount to an increase of $11.11 per month over 2011, or about $133 a year, including municipal taxes along with the seniors housing levy and provincial education tax, she said.
Assessment notices will be mailed on May 11 with payment due by June 30.