Airdrie has come in at number five from a list of 25 municipalities for the lowest property taxes in the province, according to findings by Zoocasa, a brokerage.
In a recent blog post, Zoocasa noted that the Calgary Region, Alberta's largest urban area, benefits from lower tax rates due to a larger population sharing services. Airdrie's 2024 property tax rate is an estimated 0.652 per cent, slightly higher than Calgary and Cochrane. Hence, a home in Airdrie assessed at $250,000 will pay $1,632 in taxes, while a home assessed at half a million dollars would see over $3,200 in taxes.
Canmore has the lowest residential tax rate at 0.461 per cent, meaning a $500,000 home incurs $2,307 in taxes. Chestermere and Calgary follow with rates under 0.65 per cent, where homeowners pay around $2,690 and $3,243 for a home of the same value.
"Municipalities adjust their tax rates annually according to budgetary needs. The amount owed is calculated by multiplying the residential tax rate by a home’s assessed value. The collected funds support essential local services like police, fire departments, schools, road maintenance, and more," Zoocasa stated. "Generally, property taxes tend to be higher in less populated areas because there are fewer residents to share the overall cost of maintaining essential services."
Municipalities in and around Greater Edmonton have higher property tax rates than those in the Calgary Region. For example, an Edmonton homeowner with a $500,000 home pays around $5,087 in property taxes, 57 per cent more than in Calgary. St. Albert homeowners pay even more at $5,627, while Airdrie homeowners pay 72 per cent less for a similarly valued home.
Wetaskiwin, Alberta's smallest city, has the highest property tax rate at 1.334170 per cent, resulting in $6,671 for a $500,000 home. Grande Prairie follows closely with high rates, and St. Albert, Camrose, and Lacombe also rank among the top five cities with the highest property tax rates.
In January 2024, Airdrie released the 2024 property assessments, with officials underlining that they were based on market conditions as of July 1, 2023; the assessments reflected a 'steady growth' in the residential market, primarily driven by record-breaking interprovincial migration.
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