Cold Lake city council has passed a new tax rate, but the average property owner will only see an increase of less than a quarter of a percent.
Council’s side of the tax bill will only see a 0.18 percent increase on average. However the education tax, which is controlled by the province will cause taxes to go up by an average of 2.3 percent.
In total, just over 19 million dollars will be collected in property tax to fund the City’s 60.4 million dollar operating budget, which includes a $20 million transfer to the capital budget. Including the transfer, the 2016 capital budget stands at approximately 45.5 million dollars.
