City council to decide on property taxes
Published Monday, April 22, 2013 6:18AM MDT
Last Updated Monday, April 22, 2013 12:54PM MDT
The City of Calgary will be making their final decision on property taxes on Monday, but how much you pay could be contingent on how council decides to spend an extra $52M in revenue.
Last year, council agreed on a 5.5 percent increase, working out to a hike of about $75 for the average homeowner.
However, the increase was based on just how much the provincial government would set for the education tax.
It turns out that the government is taking back much less than expected and the city is left to decide on how to spend an extra $52M in revenue.
Administration recommends that the money should go back into a fund to pay for city projects.
The city could decide to use the money to reduce taxes.
Other ideas on the table are paying off debt or investing in transit with a particular focus on natural gas fuelled buses.
Over the past ten years, Calgarians have seen an average hike of 4.8 percent per year.