Council sets 2025 tax rates: City

During its May 27 regular meeting, City Council voted to set the 2025 municipal tax rates, resulting in an average residential municipal property tax increase of 4.58 per cent.

The 2025 residential and multi-family residential tax rates were set at 8.5295, up from 8.3635 in 2024, and the non-residential tax rate was set at 13.5791, up from 13.5079 in 2024.

The tax rates for properties that fall into the new vacant subclasses were set 10-per-cent higher than their non-vacant counterparts, with vacant residential set at 9.3825, and vacant non-residential set at 14.9370.

Properties are considered vacant if they have been subdivided, can be readily serviced, but have remained undeveloped for seven years or more. An incentive program ensures that properties which fall into the vacant tax subclass can be rebated the difference between the amount generated by the vacant versus the non-vacant subclass, plus an additional five per cent if they are put up for sale.

These rates will generate about $24.54 million from properties within the City to balance the City’s $50 million operational budget, which includes a transfer to the capital budget of roughly $1.33 million. In 2024, the City collected $23.45 million in taxes to balance its budget.

“We see signs of the local economy starting to take a turn for the better, but we are cautiously optimistic due to the pressures brought on by inflation,” Mayor Craig Copeland said. “We know that everything has become more expensive over the past several years and this puts pressure on household budgets and the city’s budget alike. We are attempting to pass as little of the increase on to households as possible while tackling several important infrastructure projects critical for the community’s future.”

The tax rate set by City Council is a factor used per $1,000 of property value to determine the amount of taxes a property pays for municipal services. Taxes are based on a property’s assessed value, which means that a tax rate increase or decrease does not necessarily mean an increase or decrease in the amount of municipal tax a property owner will pay compared to previous years. Depending on the change in assessment and tax rate, the impact will vary from property to property.

Residents should note that the total property tax rate also includes the Education Property Tax Requisition, set by the province, and the Lakeland Seniors Foundation Requisition, which is set by the foundation. These requisitions are collected for the province and foundation by the city and forwarded to province and the foundation as required. In 2025, the Education Property Tax Requisition has increased by 13 per cent and the Lakeland Seniors Foundation Requisition has increased by 1.7% over 2024.

The City’s total taxable assessment increased by $76.8 million when compared to 2024. Taxable assessments increased by $19.3 million for new construction and $57.5 million due to inflation.

Tax notices will be sent out by Friday, May 30, 2025, with a payment deadline of June 30, 2025. Staff are monitoring the potential Canada Post strike and will put alternative means for residents to get their tax notices in place should a strike occur. The deadline to pay taxes is set by legislation and cannot be easily changed by the city.

For more information on the City’s capital and operational budgets, visit www.coldlake.com.

Information regarding past tax rates and the municipal property taxes collected can be found in the City’s annual report, also available online.