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Council Approves the 2025 Budget

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Last night, Council approved the 2025 Budget and property tax bylaw. This budget accounted for the 8.5% increase in assessed values. In the draft budget approved in December, we estimated an assessment increase of 3.0%, and a 3.38% residential and commercial tax increase. In March, the Town received assessment values greater than the estimate.

Assessment Values

  • Assessment values increased by 8.5%
  • Residential experienced the strongest increases in market value, with many homes selling for more than list price
  • Commercial properties did not see significant market value increases. Some commercial properties saw a reduction in assessed value due to the tough financial climate in Alberta
  • New construction added $127.3 million in assessed value to the 2025 tax base
  • Our third-party contractor does property assessments, and sets assessed home values

Summary of changes

  • Council approved a 0.44% residential and a 0.26% commercial tax increase
  • The core municipal tax rate will increase more than estimated in the draft budget
  • Recreation and transportation levies are increasing
  • Government of Alberta Education Tax: We’ve seen the largest increase in education taxes in over 20 years. The total 2025 requisition is $8,240,905, up from $7,448,997 in 2024. This is an increase of $791,908 or 11%
  • Senior’s housing: The Sylvan Lake Foundation also increased their requisition. The total requisition is $430,450, up from $410,965 in 2024. This is an increase of $20,165 or 5.8%

Deadlines

  • Mailing: The Town is sending out combined assessment and taxation notices during the second week of May
  • This is about two weeks earlier than usual because Canada Post may strike at the end of May
  • Payment must still be received by the deadlines if there is a postal strike
  • E-Billing: Don’t miss a notice or payment due to mail strikes. Sign up for e-billing today
  • Property tax deadline: July 31, 2025
  • Assessment value appeal deadline: July 31, 2025

Questions?

Media and Journalist Contact

  • Members of the news media may submit requests to communications@sylvanlake.ca

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