Cochrane homeowners will see their property taxes decline by an average of 4.91 per cent for 2014.
The average single-family home will see a reduction in the fire tax levy of 5.54 per cent, municipal tax levy of 1.47 per cent and education tax of 9.48 per cent.
“These are averages,” said Paige Milner, senior manager of corporate services for the Town of Cochrane, to council May 12, “not every homeowner feels the same results.”
Examples of how this tax decrease will affect homeowners around Cochrane include: Heritage Hills (2.68 per cent); East Cochrane (8.99 per cent); Jumping Pound (2.04 per cent); West Terrace (5.05 per cent); and Heartland (7.01 per cent).
The 2014 assessment growth and tax base indicated that the total taxable assets in Cochrane were $3.93 billion, with $3.45 billion being residential and $484 million non-residential.
Because non-residential properties are taxed at a higher rate than residential, the tax base breaks down to 83.5 per cent residential and 16.5 per cent non-residential.
Milner said that due to the large amount of commercial development currently going on in Cochrane the tax gap between residential and non-residential would begin to close as new business opened around town.
Non-residential municipal taxes for 2014 on a $1 million assessment value is $6,440 and $3,440 for the education portion.
Municipal taxation raised $18.9 million for 2014.
The Community Revitalization Levy (CRL) is expected to raise $429,665 that will stay in the community to help improve the CRL area.
The CRL is a one-time opportunity for the town to redirect the education portion of collected property taxes to enhance a specific CRL area. These funds – between $4.7-$6.1 million – would otherwise be seized by the province in the form of an education tax, but if utilized properly would instead be targeted to support the cleanup and redevelopment of ‘brownfield sites.’
The secret for success with the CRL program is to focus in on areas and structures that would see the most significant assessment increase once refurbishment is complete; in Cochrane’s case, the Quarry site, along with some parcels of land to the northwest of the site, best meets such a criteria.
Currently, there are 16 properties within the CRL boundary with a taxable assessment of over $48 million. Thus far, the CRL has helped fund public space improvements,
For 2014, the first priority will be to finish public space beautification elements, including enhancements of the Centre Ave. corridor and sidewalks within the CRL area.
The CRL area encompasses 25.3 hectares (62.5 acres) of the downtown.
Other enhancement projects will include a CP Rail pedestrian bridge, a shared parking facility and a contribution to the future arts centre.
All the capital projects within the CRL boundary are estimated to cost $13 million.
