2025 Budget assessment values and changes

The Town has received the final 2025 property assessments. Overall, they have increased by 8.5%. In the draft budget we estimated an increase of 3.0% plus estimated a 3.38% residential and commercial tax rate increase. Because of the difference, Council is considering 6 options to adjust the budget (page 103). Council is considering the options and will make a final decision in the April 14 Council Meeting to pass the final budget.

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
  • Learn more about how third-party contractors set assessment values here

Summary of changes in option 1

  • Option 1 (page 107) is the direction favoured by council. It includes a 0.44% residential and a 0.26% commercial total municipal tax rate increase, which are below the rate of inflation
  • Levies: The recreation levy and the transportation levy are increasing
  • Government of Alberta Education Tax: The Province did the largest increase 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%
  • See how these changes look for a sample property here

Questions?

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