Banff cuts municipal property taxes 6.7% below pre-COVID year
The Town of Banff has reduced the municipal portion of property taxes below pre-COVID 2019 levels to help businesses and individuals financially affected by the pandemic. Although the municipal portion is 6.7% less than in 2019, the cut last year was 17%. That means the municipal portion of property taxes increases 12.6% over the 2020 level.
The Provincial Education Tax is also added to property taxes. This year, the Government of Alberta requires $10.1 million from Banff properties. This is an increase in Banff ’s total education tax by 21.6% over pre-COVID 2019, and 5.3% over 2020. The combined municipal and provincial property taxes increase 2.2% over 2019, and 10.8% over 2020.
*Overhead and administration Costs (e.g. IT, Finance, Communications, HR) are included in the calculation of the costs for each municipal service area.
Total property taxes increase $18 per month for average home
When compared to 2020, the average dwelling unit in Banff , which is valued at $461,900, will see an increase in total property taxes of $217 for the year, or $18 per month for residents on the payment plan.
Property values affect property tax change
Individual property owners will see either more or less than the average 10.8% increase in total property taxes, based on how their property value changed in comparison to the average. In Banff , residential properties mostly held their value, averaging a 0.4% decrease in assessed value for all properties in town.
Residential properties that increased in value will have property taxes increase more than the 10.8% average. Residential properties whose assessed value dropped more than 0.4% will see a property tax increase lower than 10.8%, and some could see a drop in property taxes.
Commercial (non-residential) properties decreased in assessed value by an average of 15.8% in Banff.
Different tax rates set to balance sectors
According to the Banff Financial Plan, the Town sets the same percentage change in total property taxes for both the commercial and the residential sectors. Because the province sets a different rate for the education portion of property tax, the Town adjusts the municipal portion to arrive at the same rate for both sectors. This also accounts for the significant difference in changes in property values. In 2021, to achieve the 10.8% property tax levy increase for both sectors, the municipal portion of property taxes will increase by 22.3% for residential property owners, and increase by 0.3% for commercial property owners.
Tax deadline set, deferral option
Tax notices will be mailed out starting June 30. If you are able to pay your property taxes by the new deadline – July 30 – please do so. Your contribution helps us continue to provide municipal services.
If you pay your taxes in a lump sum once a year, you are encouraged to pay by the July 30 deadline. However, if you are experiencing financial difficulty, you have the option to delay your payment until August 31, 2021, and no late penalties will be applied.
If you pay your taxes through your mortgage, your mortgage lender will submit payment to the Town on your behalf. If you are facing financial difficulty, contact your lender to adjust payment arrangements.
If you pay monthly through the Town of Banff ’s Monthly Payment Plan, you have the option to delay or reduce your monthly payments until August 31, 2021, if you are facing financial difficulty. To request a delay in your monthly payment plan, please send an email to taxes.utilities@banff .ca.
Tax Installment Payment Plan (TIPP)
Sign up for the Tax Installment Payment Plan and pay monthly. The Town will make automatic withdrawals from your bank account of a pre-determined amount. Learn more about this program and how to sign up.
Mortgage Company Payments
Pay your taxes through your mortgage bank or company. If you have chosen this method, it will be noted under the Reference Section on your tax invoice and no payment is required to the Town when you receive your property tax invoice.
If you have arranged to pay your taxes through your mortgage and this does not appear on your tax invoice, please contact your mortgage provider immediately.
Pay your property taxes through most chartered banks using telephone, online and ATM banking services. Register with your bank.
Single Annual Payment
Mail a cheque or money order payable to the Town of Banff to:
Town of Banff
Attn: Taxes and Utilities
Banff AB T1L 1A1
Record your roll number or your property address on the cheque and enclose the bottom portion of your tax invoice. Post-dated cheques must be dated no later than the due date. Postmarks are not considered.