When determining Bonnyville’s property taxes, the property value, which is assessed in July of the previous year is multiplied by the mill rate, which is set by The Town of Bonnyville. The average residential property in Bonnyville has increased by 16 percent, which would cause taxes to increase quite significantly.
Bonnyville’s Mayor Gene Sobolewski explains the increase in property value, “approximately 50% of residents in Bonnyville saw an increase of 10% in their property value, while another 42% saw an increase of over 10%” This means 90% of properties in Bonnyville went up by 10 or more percent.
Mayor Soboelewski says an increase in property value, “is a good thing if you want to sell your house,” continuing to say the real estate market also determines the price a seller would receive, “depending on the type of market it is, because basically you’ll be able to get more money out of it.”
However, when looking at it from a home owner side of things, if you’re property value increases, so do your taxes. This is where the town plans to help out the residents in a sense. Mayor Sobolewski says Town Council did not want such a large increase to the residents. “What The Town of Bonnyville has done is lower the mill rate,” Mayor Sobolewski ponders, “is it fair to change residents and make up projects as we go?” Answering his own question, “No, we only need an increase of approximately 2%”
Mayor Sobokewski says if the mill rate was kept the same residents would have felt a 9% increase. The town felt two percent would be more reasonable. “We are going to be reducing the mill rate for the residential, and the commercial properties, such that we’ll net out only about a 2% increase and that’ll cover some of the projects we have.” Stating that council is all about increasing only what is needed.