CITY OF COLD LAKE RELEASE:
Property assessments for the City of Cold Lake have been mailed to residents, and although some may be assessed lower than previous years, residents may notice an increase in their taxes.
The Government of Alberta has released information on an increase to their education property tax, which will be rising by approximately 6.25 per cent. In 2024, the education property tax was $2.56 per $1,000 of residential assessment, and in 2025 it will increase to $2.72 per $1,000 of residential assessment. Commercial and farmland properties will be seeing an increase from $3.76 per $1,000 to $4.00 per $1,000 of assessment.
“We understand that many residents are in a tight spot right now when it comes to finances,” said Mayor Craig Copeland. “We kept our own budget increases as minimal as possible with rising costs, but this provincial increase may surprise some residents.”
The Government of Alberta froze the education property tax in 2024/2025, but did not keep the freeze in place going into 2025/2026, which is the current tax year.
For the City of Cold Lake, this means the property tax requisition will increase from $6,584,170 to $7,459,208, a total of an extra $875,038. Filtered down to residents, this is roughly a $62.75 yearly increase, based on Cold Lake’s average residential assessment – an increase of about 8.6 per cent.
“It’s important for residents to understand that council doesn’t set and determine the entire amount of a resident’s property tax,” said Copeland. “There are other portions beyond our control, like the mill rate and the education property tax. And that this money goes back to the Government of Alberta, not into the City’s budget.”
The mill rate is established by the province and used to determine each municipality’s share of the provincial education tax. According to the Government of Alberta’s education property tax webpage, these funds are used to “…enhance Alberta’s ability to fund school operations, leading to better educational outcomes as student enrolment continues to grow.”
To read more about the Education Property Tax, visit www.alberta.ca/education-property-tax.
