(Grassroots Page 19)
Dear Residents,
This information may help you to understand what happens with your tax dollars at the municipal level, within the M.D. of Foothills:
M.D. of Foothills
The results of the 2006 Census indicate that 19,736 people live in the M.D. of Foothills, plus the growth of the years following. In 2010, records show 14,491 taxable rolls; that is, properties to which property taxes are applied.
How are my property taxes calculated?
Property tax is a key source of revenue for financing municipal operations. Each year during its budgetary process, the council for a municipality approves an amount of revenue required to operate the municipality. The amount of income expected from utility revenues, grants, licence fees, permits, etc. is subtracted and the remainder represents the amount to be raised by property taxes. This amount is divided by the total value of all the assessable property in the municipality to arrive at the overall tax rate. Council may set different tax rates for the four classes – residential, non-residential, farm land, machinery and equipment. The M.D. of Foothills does not levy a business tax.
A portion of your property taxes collected by the MD is for Schools. Education property taxes support an education system that is producing the workforce of tomorrow. All Albertans benefit from a quality education system - whether or not they have children in school. The M.D. of Foothills is required by legislation to collect taxes on behalf of the Provincial Government, which is forwarded to the Alberta School Foundation Fund. Land owners must pay education taxes on property owned in every municipality in the Province. Your share is based on the assessment value of your property and the local education property tax rate. The assessment value of your property multiplied by your local education property tax rate determines the amount of education property tax you must contribute. Education taxes accounted for 45% of the total taxes collected in 2010.
Best Regards,
Suzanne Oel,
Councillor - Division 4
www.suzanneoel.com
so@suzanneoel.com
Next issue I will answer the question: What do my property taxes pay for?
Your source for the Good News of your community. Visit our website to view our FULL online e-edition (it's like flipping through the real thing right on your screen!) http://gatewaygazette.ca ----- Click on an article headline if you would like to read our entire publication online, in original print format. To leave a comment, click the link at the bottom of each post.
No comments:
Post a Comment