CALGARY (660 NEWS) – Taxes on homeowners and businesses will be going up in Calgary, as shown in the proposed four-year budget released on Wednesday.
Calgary city council is being asked to approve a 3.45 per cent property tax increase next year, and additional hikes of three per cent in each of the following three years.
Mayor Naheed Nenshi said taxes are still below other major cities, if approved the increase will be over $100 per household largely due to changes to waste and recycling fees.
It balances back down to under $5 a month in 2020 and beyond, although the city will continue to make investments.
“We are making investments in transit, we’re making investment in snow and ice control, in police, in management of our facilities and sidewalks and affordable housing,” said Nenshi.
Businesses outside the core will also see an increase in their taxes, council will be tasked with keeping it as low as possible, but limiting it to a max of 25 per cent is a start.
“Because of the high downtown vacancy rate, it means downtown businesses are going to get a huge decline in their taxes this year,” said Nenshi. “I am still hopeful that we will be able to cobble together solutions that will provide more relief to those businesses that need it the most.”
Further discussion is needed to officially determine the non-residential tax shift.
Public feedback is accepted on the plan until Nov. 25, final debate will be held on the 26th.