Budget adjustment report recommends city further hike 2024 property tax increase by 2.1% to 8.7%
City of Edmonton administration is recommending in a report released Thursday that property taxes rise by 8.7 per cent for 2024, an increase of 2.1 per cent from the 6.6 per cent hike city council approved in November.
The city’s spring operating budget adjustment report says the further increase is needed because of increasing costs, says a media release.
“Since Council last discussed the 2024 budget last fall, we have encountered higher WCB premiums, and we have a better understanding of longer term labour costs,” Stacey Padbury, the city’s chief financial officer and deputy city manager of financial and corporate services, said in the release.
“In order to keep our financial status strong and maintain services, we need to fund these pressures through increased property taxes.”
The further tax hike would allow the city to maintain funding for services and to cover costs for service increases city council approved in November, including additional bus service hours, expanded library service at the Heritage Valley location, operating the Metro LRT line to the new NAIT station and moving ahead on work with the city’s anti-racism strategy and truth and reconciliation.
According to the release, the recommended further property tax increase would mean households would pay an additional $65 per year for every $100,000 in assessed home value.
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