Property values increased by more than 5 per cent in 2022.
Chestermere’s City Council is reducing the residential tax rate by more than 5 per cent.
The City of Chestermere’s property assessors have indicated residential inflation values on existing property values for 2022 increased on average by 5.6 per cent, the city’s website said.
However, most residents won’t have to pay the increase in their property value, as council was able to reduce the residential tax rate by 5.6 per cent.
“While everyone appreciates the value of their home has increased this past year, most do not realize this increase causes a property tax increase,” the website said.
“Another win for residents and the new council alike.”
Prior to the property tax rate reduction announcement, the city announced that the financial first-quarter results indicated more than $4 million was saved over budgeted amounts.
“We have worked very hard as a team to improve controls on spending and our financial results reflect that hard work,” the website said. “We are pleased to report that council continues to approach all decision-making with careful thought, consideration, and transparency to ensure we’re allocating taxpayer dollars in the most meaningful way possible.”
