1. How are my property taxes calculated?# d6 ?1 t9 a5 S0 u; o5 l+ m4 i, e" Q
A property tax bill is made up of a municipal portion – based on the budget City Council sets each year – and a provincial education portion. The Alberta Government determines the amount of provincial education property tax (requisition) each municipality in Alberta will pay. Provincial legislation requires the City of Edmonton to collect this tax from property owners on behalf of the province. 5 V0 ~0 I# O! C9 v4 o3 r * J, p; k) {/ m" [& l% aTotal Property Taxes = Municipal Property Tax + Provincial Education Property Taxes0 P7 `$ n6 P0 R8 R% L' D
Municipal Property Taxes = Assessment x Municipal Tax Rate/ s9 @ y r; ]5 C( s
Provincial Education Property Taxes = Assessment x Education Tax Rate ; I2 ?& }. V" |The City adds up all the revenue it expects from sources like service fees, development permits, fines and licence fees, grants and investment earnings. The remaining revenue comes from property taxes. ; g# L$ I5 g! F7 [2 r8 i1 i F / w$ @: t: [' YIn 2012 the City will collect about $1.026 billion in residential and non-residential property taxes to help pay for civic services and programs. Of this amount, about $462 million is collected from owners of single-family homes and residences containing three or fewer units.5 E4 F# I% v$ h. g3 D9 T