City Council will meet today, May 12th, to make recommendations on property taxes. City taxes are are determined by multiplying the city’s set mill rate by the property value. Residential and commercial properties are assessed the summer previous to setting the tax rate and since property values went up, it is likely taxes in the city will go up as well.
Mayor of Cold Lake Craig Copeland today’s council meeting will be the initial planning stage, “it will be the first reading of the draft.” Nothing is expected to be passed for a few weeks, after the Corporate Priorities meeting is held. “The following Tuesday is our Corporate Priorities meeting, where we are able to get in and debate it a bit better,” explains Copeland, “and then certainly we’ll pass our tax rate bylaw the Tuesday following that, so the third Tuesday in May.”
Although, The City is in it’s initial stages for determining taxes, Copeland says there will be a slight increase, how much is yet to be determined.