2024 property tax discussion underway as council passes first reading of mill rate bylaw

Lloydminster, AB/SK - Lloydminster City Council passed the first reading of the 2024 Mill Rate Bylaw, which proposes an approximate $5.40 per month increase on a residential property valued at $285,000 and an approximate $56 per month increase on non-residential properties valued at $750,000.

The change in property taxes aims to prioritize essential services and address the increasing materials and labour costs for capital projects. In November 2023, an infrastructure levy was also implemented during the 2024 budget deliberations. The funds received through this levy will be placed in a reserve and strategically used to fund future capital infrastructure projects.

The total taxable assessment for the 2024 tax year is $4.82 billion (as of May 2, 2024), up from $4.65 billion the previous year. In 2024, with the assessment and proposed mill rate changes, the tax levy will collect an estimated $46,207,840 for municipal purposes. All work to be completed in 2024 was approved in the 2024 budget.

There may be some revisions to the taxable assessment as a result of the appeal process before the final reading of the bylaw scheduled for Monday, May 27, 2024. This could result in a change to the mill rates.

Mill Rate Discussion Timeline

• May 13 – First reading of the mill rate bylaw
• May 27 – Second and third reading of the mill rate bylaw.
  • This is an opportunity for Council to discuss/debate the proposed changes before the bylaw goes into effect.

2024 Property Taxes and Payment Options

Property owners can opt-in to receive their assessment and taxation notices electronically. This paperless option will allow easy access to assessment and taxation documents on Virtual City Hall, reduce clutter around the home and reduce business costs associated with printing. Most importantly, switching to paperless will help protect the environment.

Payments can be made at: 

• City Hall (cash, debit or cheque), 
• a financial institution, or 
• through online banking.

Once property owners have paid their 2024 property taxes, they can sign up for pre-authorized debit payments to get a head start on their 2025 property taxes.

2024 tax notices are scheduled to be printed and mailed or sent electronically on Friday, June 7, 2024, and are due upon sending. Under the Penalty Bylaw, the last payment date before penalties is Thursday, July 25, 2024.

For more information, visit Lloydminster.ca/payments or LloydTaxes.ca.

Background

Council is required to pass a property tax bylaw annually under sections 302 and 319 of the Lloydminster Charter to set mill rates. These rates are calculated based on the required revenues determined during the budget process, the requisitions from the school divisions and the new assessment roll received from the City Assessor.

Approval of the bylaw is required to begin the levy process and ensure 2024 tax notices are delivered to property owners in a timely manner.