Cold Lake homeowners will see an average municipal property tax increase of 4.85 percent this year, following councils approval of the 2025 tax rate bylaw during its May 27 meeting.
The residential and multi-family residential tax rates are now set at 8.5295, while non residential properties will be taxed at 13.5791.
The tax adjustments are expected to raise approximately $24.54 million toward the city’s $50 million operating budget, which includes a $1.33 million transfer to capital projects. Kristy Isert, the city’s General Manager of Corporate Services, explained that council had to adjust the rates following a property assessment revision due to the demolition of a large development.
While residential homeowners will see a modest increase, multi-family property owners will see a higher 10.46 percent hike, from rising assessments, more than 10 percent this year and 20 percent over the past two years. Isert reminded council that multi-family properties are typically income-generating and their tax expenses are often deductible. “That was recognizing that the multi-family properties are generally owned for the purpose of generating income, that owners could deduct property taxes from income tax purposes and write off expenses like other businesses,” she said.
Higher tax rates were also set for vacant residential (9.3825) and non-residential (14.9370) properties that have remained undeveloped for over seven years despite being service-ready. Incentives remain in place for owners who list those properties for sale.
Mayor Craig Copeland acknowledged that financial strain many are facing, but emphasized the importance of funding key infrastructure projects. Tax notices are expected to be mailed by May 30, with a June 30 deadline for payments.
The city is preparing alternative delivery plans in response to the ongoing Canada Post Strike.
