Municipal Property Tax - Part 2

Property Taxes and affordability are always a topic of discussion. Property taxes, particularly in times of rising house values, are one of the most regressive tax, yet they are the primary source of revenue for most municipalities.

Property Assessment

In 2024, the Town of Olds had $28mln in revenue, $11.1m of which came from property tax. From 2024 to 2025,  the total Town taxable assessment increased 6.7%;  my property tax assessment increased 3.7%. The Town operating budget  increased 3.4%.  With the slight decrease in the 2025 residential mill rate (from 0059511 to .0058279),  the municipal portion of my taxes increased 1.5%; education increased 12.9% and Mountain View Senior Housing increased 1.2%.

Compare to  2023 to 2024, town assessments increased 7.8%. The total operating budget year-over-year increased 3.3%. My residential property assessment increased by 12.4%. The municipal portion of my property tax increased 12%; education increased 10% and Mountain View Senior Housing increased 12%.

How each individual property value changes in relation to the total assessment pie determines the share of the property tax. If the value of a property increases greater than the Town average, as mine did from 2023-24, I will incur a larger percentage of the total tax required by the Town to fund operations.

Important to realize, from 2023 to 2024, an increase in my municipal tax bill of 12% DID NOT mean the Town spend increased 12%. It simply means my property assumed a greater ‘slice’ of the tax assessment pie.

Of note, one factor that impacted the entire distribution of taxes in 2024 was the closure of the Sundial plant in late 2023 and the loss of tax revenue that had to be redistributed among existing residential and commercial.

Also important to remember, the assessment date cut off is July 1  of the prior year. If residents believe their assessment is unreasonable, they have 60 days from tax notice to file a complaint and/or appeal.