City Council held a debate on Monday to discuss who between businesses and home owners will see their property tax go down.
“We got to move back to a system where about half of our budget is paid by business.”
Council voted in favor to raise property taxes for residents by 3.45%, while businesses in Downtown Calgary will see a “major decrease” according to Mayor Nenshi.
“We got to move back to a system where about half of our budget is paid by business and half is paid by residences. Right now it’s 55-45.”
Since the last adjustment in property tax, businesses are now paying 53% of property tax revenues and residents, 47%. Mayor Nenshi thinks this approach is “more measured”, since he is thinking of “long term solutions”.
Calgarians are expected to pay their taxes before June 28, according to the City.
~ Vincent Lavoie