Property taxes are officially on the rise in Fort Saskatchewan.
At Tuesday's (May 9) council meeting, the city officially passed the 2023 Property Tax Bylaw, which will see those taxes rise by 1.47 per cent as compared to last year.
“I am pleased to announce that our city was able to maintain a low property tax increase while continuing to provide high-quality services to our residents. This is a testament to our city's commitment to responsible fiscal management, and our focus on meeting the needs of our community in a sustainable and equitable way," said Mayor Gale Katchur.
The rise is lower than the 2.9 per cent hike that Strathcona County announced earlier this month.
The bylaw is based on the city's 2023 operating budget of $90 million and a capital budget of $29 million.
The rise in taxes was determined through a property assessment process which saw that the average residential property in the city is valued at about $412,025.
Though the overall increase sits at 1.47 per cent, individual property owners could see differing rates.
"The tax percentage increase includes the municipal property tax, provincial education tax and the Heartland Housing Foundation tax," said the city in a release.
"Depending on how a property’s assessment changes relative to the average annual assessment, a property owner may see their municipal property taxes change more or less than this."
There are three things that are included when paying for property taxes, which include municipal taxes to help provide services like police and fire protection, as well as projects involving parks, roads, and recreation services.
There are also education taxes which are collected by the city and then paid to the provincial government to help fund education.
Lastly, senior's housing taxes are again collected by the municipality and then paid to the Heartland Housing Foundation to fund senior housing in Fort Saskatchewan.
Residents, business owners, and industry should expect their tax notices to be sent out next week with a deadline to pay them set for June 30.
Those taxes can be paid by phone through your financial institution, online banking, mail, or through pre-authorized monthly payments with the Fort Electronic Payment Plan.
To learn more about Fort Saskatchewan property taxes, click here.