The Property Tax amount is determined using the Municipal Tax Rate formulas set by the Province of Alberta and combines the budgetary requirements of the Town and Province.
The Town of Turner Valley is required to raise $2,980,436 for municipal operations and capital expenditures through taxation in 2016.
In addition to these tax dollars, the Town is legislated to collect:
- $842,631 on behalf of the Alberta School Foundation Fund;
- $57,307 on behalf of the Christ the Redeemer Separate School Division; and
- $41,314 for the Foothills Foundation.
For more information on Property Tax visit Alberta Municipal Affairs.
To calculate your assessment, assessors look at property characteristics such as the size, type, and age of your property, as well as its location, style, condition, upgrades and lot size. The selling prices of similar properties in the same neighbourhood, or similar areas, are also considered.
The assessment of a property does not, in itself, generate property taxes. Property taxes are generated when the tax rate, established by the Town, is applied to the assessed value of your property.
The mill rate is the amount of tax per dollar of the assessed value of a property. Property Tax in dollar terms is calculated by multiplying the assessed property value and the mill rate, then dividing by 1,000. As a property may be subject to tax by a number of different authorities, mill rates are set by each taxing authority so as to meet the revenue projections in their budgets and may then be combined.
The combined Mill Rate on residential property in Turner Valley for 2016 is 10.49448.
The combined Mill Rate for non-residential property in Turner Valley for 2016 is 11.91328.
Taxes owed based on the Mill Rate =
Assessment Value (approximate market value) x Mill Rate
Property owners cannot challenge or appeal the amount of property taxes owed. However, a property owner may challenge the assessed value of their property. See the Government of Alberta’s document, Filing a Property Assessment Complaint and Preparing for your Hearing, for more information on appeals.