Committee news in brief - Feb. 3, 2015
Council News in Brief - Pilot
Priorities & Finance Committee Meeting
February 3, 2015
3.1 2015 Supplementary Property Assessment and Tax Bylaws, PFC2015-0138
Property assessments are used as the basis for municipal and provincial property taxes. The Municipal Government Act (MGA) requires that each individual property assessment reflect the property’s value as of the July 01 market value date and the characteristics and physical condition of the property on December 31 of the year before the property tax is imposed. The property assessments are mailed early in January of the tax year.
In circumstances where the construction of an improvement to a property is completed or the improvement is occupied in the current tax year, a supplementary assessment is prepared to record the increase in value. Supplementary property assessments are also prepared for manufactured/mobile homes that are moved into Calgary in the current tax year. The supplementary assessed value is pro-rated to reflect the number of months during which the improvement is completed and/or occupied, or in the case of a manufactured home, is in Calgary.
The 2015 Supplementary Property Assessment and Supplementary Property Tax Bylaws provide The City with the authority to prepare 2015 supplementary property assessments in order to levy 2015 supplementary property taxes.
Council’s 2015 business plans and budgets incorporate the anticipated revenue from the supplementary property taxes. For 2015, the budget amount is $5.5 million in municipal supplementary property tax revenues.
The proposed 2015 Supplementary Property Assessment and Supplementary Property Tax Bylaws are very similar to the Bylaws presented to Council in 2014 with changes to reflect the 2015 dates. These minor wording amendments to the 2015 Supplementary Property Assessment and Tax Bylaws were carried.
Priorities & Finance Committee Meeting
February 3, 2015
3.1 2015 Supplementary Property Assessment and Tax Bylaws, PFC2015-0138
Property assessments are used as the basis for municipal and provincial property taxes. The Municipal Government Act (MGA) requires that each individual property assessment reflect the property’s value as of the July 01 market value date and the characteristics and physical condition of the property on December 31 of the year before the property tax is imposed. The property assessments are mailed early in January of the tax year.
In circumstances where the construction of an improvement to a property is completed or the improvement is occupied in the current tax year, a supplementary assessment is prepared to record the increase in value. Supplementary property assessments are also prepared for manufactured/mobile homes that are moved into Calgary in the current tax year. The supplementary assessed value is pro-rated to reflect the number of months during which the improvement is completed and/or occupied, or in the case of a manufactured home, is in Calgary.
The 2015 Supplementary Property Assessment and Supplementary Property Tax Bylaws provide The City with the authority to prepare 2015 supplementary property assessments in order to levy 2015 supplementary property taxes.
Council’s 2015 business plans and budgets incorporate the anticipated revenue from the supplementary property taxes. For 2015, the budget amount is $5.5 million in municipal supplementary property tax revenues.
The proposed 2015 Supplementary Property Assessment and Supplementary Property Tax Bylaws are very similar to the Bylaws presented to Council in 2014 with changes to reflect the 2015 dates. These minor wording amendments to the 2015 Supplementary Property Assessment and Tax Bylaws were carried.
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