M.D. mill rate going up

The Municipal District of Taber’s mill rates have been set for 2014.

During their regular meeting on May 12, M.D. council passed the third and final reading on their mill rate bylaw for this year.

The mill rate on property will be:

Farmland properties, 6.8039;

Linear properties, 8.0084;

Machinery and equipment, 8.0084;

Non-residential properties, 8.0084; and

Residential properties, 3.4039.

The Alberta School Foundation Fund (ASFF) requisition for 2014 will be:

Residential and farmland properties, 2.4499; and

Non-residential properties, 3.6494.

The Holy Spirit Roman Catholic Separate Regional Division No. 4 requisition will be:

Residential and farmland properties, 2.4499; and

Non-residential properties, 3.6494.

Finally, the requisition for the Taber and District Housing Board will be 0.0727 for farmland properties, linear properties, machinery and equipment, non-residential properties, and residential properties.

In all, the M.D. is required to raise $19,848,636.96 through the property tax rate for 2014. This includes:

Municipal expenses, $14,473,851.41;

ASFF, residential and farmland, $1,564,285.40, and non-residential, $3,524,033.17;

Holy Spirit (opted out), residential and farmland, $115,701.62, and non-residential $16,043.35; and

Housing board, $154,722.01.

To calculate property tax, multiply the assessed value of a property by the mill rate and then divide by 1,000.

For example, a property with an assessed value of $50,000 located in a municipality with a mill rate of 20 mills would have a property tax bill of $1,000 per year.

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