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Calgary council passes 2024 budget adjustments, residential property taxes to jump 7.8 per cent

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Calgary councillors have passed recommended budget adjustments for next year, which include plans to boost spending to tackle transit and safety issues and an effort to shift more of the tax burden from businesses onto the residential base.

The vote, which passed late Wednesday afternoon, means residential property taxes will jump by 7.8 per cent in 2024.

It means property taxes for a typical single-family home will be about $16 per month more.

Non-residential property owners will see a 3.5 per cent tax increase next year, meaning the average commercial property worth around $5 million will pay about $277 more per month.

Council's vote came after a day of public hearings on the proposed changes and another full day of questions to each individual business unit.

Wednesday saw about 20 different amendments proposed to try and cut spending or provide relief from the property tax hike.

None of the ideas proposed to bring the tax increase down passed.

Among the failed money-saving motions were moves to cut a pilot program that provides free transit to children under the age of 12 and an amendment to cut permanent funding for Calgary's mental health and addictions strategy.

Property tax assessments for 2024 will be mailed out in the new year.

Property tax bills will be mailed out in May with bills due by the end of June.  

'STEP IN RIGHT DIRECTION': CHAMBER

Calgary Chamber of Commerce president and CEO Deborah Yedlin described the move as a step in the right direction towards rebalancing property tax rates between residential and non-residential ratepayers but added that more needs to be done.

"Today’s decision to shift the property tax ratio by one percent is progress," Yedlin said in a media release. "However, it leaves Calgary vulnerable compared to other jurisdictions across Canada.

"As the most entrepreneurial city in Canada," she added, "we need a policy environment that supports Calgary in being the destination of choice for business and investors.

"Moreover, we need to support those businesses that have thrived in Calgary for decades but are now facing untenable increases in their taxes, impactingtheir ability to grow, increase wages or remain operational."

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