
Lloydminster, AB/SK – Property owners have an additional 15 days before penalties are imposed on property taxes after City Council passed the new Tax Penalty Bylaw during the Council meeting on March 22, 2021.
Under the new bylaw (Bylaw No. 06-2021), the penalty date is on the 25th day of the month, whereas penalties were applied on the 10th day of the month under the old bylaw.
The new penalty dates for current and arrears property taxes are:
Property Taxes | Penalty Date | Penalty |
---|---|---|
Current Year Taxes | July 25 | 3% |
September 25 | 4% | |
November 25 | 5% | |
Total Current Penalties | 12% | |
Tax Arrears | January 25 | 5% |
April 25 | 5% | |
September 25 | 5% | |
Total Arrears Penalties | 15% |
The penalty schedule change will allow City Administration to adjust its internal process for budget revisions and the Mill Rate Bylaw. Administration is currently completing its year-end operations while budget revisions are required for the mill rate. Adjusting the penalty dates and extending the Mill Rate Bylaw approval dates to June allows for more time between deadlines. With the extension of the dates to further in the year, additional revisions will be accounted for in the Mill Rate Bylaw, ensuring that the mill rates are set with fewer changes to the assessments and tax levy.
Learn More
To learn about property assessments and how property taxes are calculated, visit lloydtaxes.ca.
Background
Bylaw No. 06-2021, the Tax Penalty Bylaw, was passed on March 22, 2021. It was granted first reading at the March 8, 2021, Council meeting, after first being presented during the Governance and Priorities Committee Meeting on February 22, 2021.