Confirmed: mill rate will not increase this year
At its regular meeting on May 13, Elk Point Town Council approved the 2019 Tax Rate Bylaw which presents a balanced budget and no increase to municipal taxes.
Residents may see a decrease or increase in their taxes depending on whether their property value decreased, increased or stayed the same.
While Elk Point Town Council managed to balance the budget and hold the mill rate, there are a number of factors to keep in mind: the current rate projects enough income to cover anticipated expenses and to keep a little bit in reserve, but leaves very little room for unexpected expenses; the new provincial government has not issued an education requisition.
Last year’s amount was used for calculations may not be enough and will affect the 2020 tax levies; because of the economy, the property assessment values have decreased.
Next year’s taxes may change significantly.
Important amounts include:
- 2018 assessment of $168,265,940 done by Wainwright Assessment Group Ltd.
- Required operating revenue $1,503,950
- General reserve required $334,088
- School requisition required $520,605 (estimated)
- Designated Industrial property requisition $247
- MD Foundation requisition $31,659
Tax notices are being prepared and will be issued in the week of May 20-24.
For most ratepayers, the difference in the total levied compared to last year will be very slight. The appeal period is 60 days from the date they are mailed. Taxes are due August 31.