How are my taxes calculated?
Taxes = ((Assessment x POV)/1000) x Effective Mill Rate (MR x MRF)
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Example - Assessment of a cultivated Quarter Section is $200,000
Education mill rate is 1.42. RM mill rate is 10.25 and MRF is .30
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Municipal Taxes = ((200,000 x 55%)/1000) x 10.25 x .30) = $338.80
Education Taxes = ((200,000 x 55%)/1000) x 1.42 = $156.20
Total Taxes owing = $495.00
(The R.M. collects the entire amount and sends the Education portion to the Governemnt)
What are the Percentages of value (pOv)?
POVs are the percentage of assessment that is taxable and they vary by property class. These values have been set by the Provincial Government as follows:
Non-Arable Ag Land - 45%
Cultivated Ag Land - 55%
Residential - 80%
Commercial & Industrial - 85% (Lowered in 2021 from 100%)
how are mill rates determined?
Mill rates are set by each level of Government based on how much revenue needs to be generated from the tax base to cover expenses. The Provincial Government sets the Mill Rates for education taxes and they vary by property class. The Municipality sets one mill rate for the entire R.M. and then applies Mill Rate Factors (MRF) to different property classes. The MR multiplied by the MRF determines your effective mill rate.
What are the various
mill rates?
For 2023 the Municipal mill rate is 10.25.
The Agriculture mill rate factor is .30 and the residential mill rate factor is .7
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The Education mill rates for 2023 are as follows:
Agriculture - 1.42
Residential - 4.54
Commercial & Industrial - 6.86
Resource (Oil/Gas/Pipeline) - 9.88
For more detailed information on Municipal property taxes click here.