Chestermere’s Residential Tax Rate is the Lowest in Alberta!
The residential tax rate plays a key part in determining the amount you pay every year in property taxes. In Chestermere, we’re pleased to brag an extremely low residential mill rate of 3.61% – the lowest out of any City in Alberta. These tax cuts put money back into the pocket of hard working residents, empowering them to spend their money on other important expenses.
Understanding the Residential Tax Rate
Before we dive into the specifics, it’s important to understand what a residential mill rate is and how it impacts property owners. A mill rate is the amount of tax payable per dollar of the assessed value of a property. It is expressed in “mills,” where one mill represents one-tenth of a cent. The residential mill rate is the rate applied to the assessed value of residential properties to calculate the property tax owed by homeowners.
Why This is Great for Residents:
Affordability: One of the most obvious benefits of a low mill rate is that it contributes to a more affordable cost of living for homeowners. Lower property taxes mean that residents can spend their money on other important expenses or pocket it for later. Economic Stimulus: By reducing the financial burden on homeowners, the City of Chestermere indirectly stimulates the local economy. When individuals have more disposable income, they are more likely to spend on products and services within Chestermere, boosting local businesses and fostering economic growth. Property Value: Lower property taxes help protect and increase property values. As Chestermere is established as a desirable and affordable community, property values increase, making Chestermere a viable investment for any family or business.
Economic Stimulus: By reducing the financial burden on homeowners, the City of Chestermere indirectly stimulates the local economy. When individuals have more disposable income, they are more likely to spend on products and services within Chestermere, boosting local businesses and fostering economic growth.
Property Value: Lower property taxes help protect and increase property values. As Chestermere is established as a desirable and affordable community, property values increase, making Chestermere a viable investment for any family or business.