Edmonton homeowners may be expected to shell out more property tax in 2024 than initially anticipated.
A city financial staff report dealing with operating budget adjustments calls for a greater than seven per cent increase on property tax bills, citing unaccounted for increases in “utility costs and an arbitrated salary settlement.”
The city had previously forecasted a 4.96 per cent increase in property taxes in the four-year operating budget approved last year.
To maintain the same service levels and expenditures, city staff now say the budget will require an additional 2.13 per cent in 2024, bringing the total increase to 7.09 per cent.
Finance staff are also asking for adjustments to the budgets for the following two years, modifying the 2025 projected increase from 4.95 per cent an additional 0.09 per cent to a total of 5.04 per cent; and altering the 2026 forecast from 4.39 per cent by an additional 0.14 per cent to 4.53 per cent.
“Administration recognizes the impact of a 7.09 per cent increase in the context of an affordability crisis.” the report said.
“Work continues to find solutions to mitigate tax increases now and in the future.”
City council budget deliberations are set to run from the 21st to the 29th of November.
Find all the city’s budget and finance documents on the city of Edmonton’s website.