Prepare For Higher Taxes

Last year at tax time there were some mumblings that our property taxes may increase as much as 9% by the next tax year. Now there are louder grumblings of up to double digit increases. I would bank on the higher and hope for the lower.

"Council will begin debate next week on a draft budget expected to contain a whopping tax hike of about 9%, though some speculate it could be in the double digits.

Mandel said he wants the city to develop a strategy now to explain to homeowners why property values are going down while taxes are expected to soar." edmontonsun.com

I am waiting with bated breath to hear the strategy that convinces me my lower property values warrant higher taxes. It will have to be pretty good.

Of course you can contest your assessment, this works especially well if similar properties in your area are selling for less than you were assessed at. If you aren't will to file a complaint or feel the values are pretty accurate then you must start putting a larger percent of your rental income into a tax file to prepare for the ding.

This And That May 2008

Tax hikes on the way for 2009, Edmonton council warns - As property tax bills land in mailboxes throughout Edmonton, city council is already warning that next year's bills will be at least nine per cent higher.

A city report released Wednesday estimates municipal taxes will need to be raised by at least 9.4 per cent to help cover the costs of running the booming city.

Wal-Mart doubling Alberta supercentres-"Alberta is a wonderful part of the country . . . and it's a wonderful place to do business," "It's always been one of our strongest markets." "your economy has been booming for a long time and with that strong economy it means even more growth and more demand for general merchandise and food." Andrew Pelletier, vice-president of corporate affairs for Wal-Mart Canada "This mean more jobs for Albertans"

Alberta Avenue gets a facelift - Alberta Avenue, the 27-block stretch of 118th Avenue north of downtown, is getting a facelift. Crews are beginning work on "streetscaping" five blocks of the avenue, putting in new road surfaces, new and wider sidewalks, new trees and better lighting. "Prices are sure to rise in this area as the gentrification starts"

Alberta can handle oil-price drop: economist - Companies are investing very prudently right now and can still make good money at $70 a barrel," said Peter Hall, economics vice-president of Export Development Canada. "So they are making great money at $124 a barrel."

Edmonton Has Fat Coffers

The city had a budget surplus of $34.4 Million in 2007. Some of the excess funds are planned to go to infrastructure, a new sports complex and other projects.

"I know it's frustrating and I don't blame the public. I don't necessarily disagree with their position either, but sometimes it's hard to guess 365 days in advance what's going to happen." Mayor Stephen Mandel

Maybe we can get a rebate?