8.9 per cent property tax increase official as city council passes bylaw
City council passed the 2024 tax bylaw Tuesday, finalizing an increase to municipal property taxes.
For 2024, municipal property taxes will be increasing by 8.9 per cent.
"A residential property will pay approximately $766 in municipal taxes in 2024 for every $100,000 of assessed home value, an increase of $66 from 2023," the city said in a news release.
"This means the average household, assessed at $428,500, will pay about $8.97 per day to fund 70 City programs and services."
The difference in property taxes from year to year depends on the change in value of a property relative to the change in the overall market and the change in the city's budget, according to the city.
The bylaw comes after the city approved the spring operating budget last week.
"While property assessment changes affect individual property tax bills, they do not affect the City’s total tax revenue," the news release stated.
"Property taxes in 2024 will generate more than $2 billion and this money will help to fund the programs and services Edmontonians use every day including emergency services, parks, trails, roads, bridges, transit, recreation centres, attractions and social supports."
Tax notices will be mailed out on May 24 and will be due on June 30.
A video explaining property tax rates in Edmonton is available here.
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