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Calgary homeowners could see 5.2% tax increase in 2023

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City officials presented the proposed four-year budget plan to Congress on Tuesday morning. That includes his 5.2% increase in the typical Calgary homeowner tax bill for 2023.

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Tuesday’s document is a draft budget, which will then be scrutinized by lawmakers and the public. During the week of November 21, the council will hold daily meetings where elected officials will hear input from the public and pitch proposed changes before approving the final document.

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In preparing the budget, the government was instructed to keep spending increasing in line with population growth and inflation.

The city saw a significant increase in house prices in 2022. Typical home prices jumped from $485,000 in 2022 to $555,000 in 2023, an increase of 14.4%.

By 2023, the government expects to collect $118 more annually from a typical Calgary home valued at $555,000. This means the average homeowner can expect to pay about $9.80 more a month in the city tax portion of the local tax next year.

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The story is much different for the typical condominium owner whose property value rose from $235,000 to $253,000 last year, a 7.7% increase. Their estimated local taxes will drop by 1% in 2023, or 91 cents per month.

These figures are still subject to Congressional approval and are subject to significant change, especially if Congress decides to redistribute the tax burden differently between residential and non-residential properties. I have.

Over the next four years, the administration expects it to grow from $2 billion in 2022 to $2.45 billion in 2026, suggesting an average annual increase of 3.7%. This figure does not reflect the tax increases that individual homeowners may see.

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The four-year budget plan includes $41 million to improve transportation services, $69 million to improve public safety, and a one-time $44 million ongoing commitment to address the 2050 climate goals. Includes investment.

Over the next four years, the city plans to spend an additional $4.4 billion on capital projects. This is in addition to the $5.7 billion in capital dollars already allocated over the past few years for future projects.

The capital budget includes $77 million for the Calgary Police Service, $559 million for public transportation, $50 million for the Calgary Fire Department project, and $153 million for affordable housing.


twitter: @brodie_thomas

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Calgary homeowners could see 5.2% tax increase in 2023

Source link Calgary homeowners could see 5.2% tax increase in 2023

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