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City passes slight increase to taxes

The City of Cold Lake approved a .08 per cent tax increase during Tuesday's council meeting.
Cold Lake city hall

COLD LAKE - Those living and conducting business within the City of Cold Lake may or may not feel the impact of a slight increase to taxes this year. 

During their meeting on Tuesday, Cold Lake council passed their tax rate bylaw for the year, which included a bump in taxes by .08 per cent. 

According to Kristy Isert, manager of corporate services, the slight increase is needed. 

“This year, $20.648 million is required from municipal taxation to balance the 2021 budget,” she detailed. 

The city has a budget of $54 million for the upcoming year. This included a transfer of about $9.2 million to capital. Over $33 million of revenue is generated through sales and user charges, government transfers such as ID 349, penalties, franchise agreements, investment income, and rentals, among others. 

That left roughly $20.6 million in shortfall.

“The tax rates, which are proposed in the bylaw, would achieve an average municipal tax increase of .08 per cent to generate the sufficient tax revenue as budgeted in the 2021 budget,” stated Isert.

With the increase in tax rates, the municipal residential mill rate for 2021 is 8.8555, while the multi-family residential is set just a bit higher at 8.9470, and non-residential is 12.7975. 

Property owners in the city's annexed areas can expect their mill rates to be based off of the MD of Bonnyville's, unless the city's tax rate is lower, as per the annexation agreement. As a result, residential properties will see a 2.7663 mill rate, farmland is set at five, and non-residential will rely on the city's 12.7975 mill rate. 

City council passed their tax rate bylaw for 2021. 

Meagan MacEachern, Bonnyville Nouvelle


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