Taxes v2.0

St. Albert homeowners are looking at almost a 28 per cent property tax hike compounded over three years, after the 2009-11 budget was released Friday. That's up slightly from figures released earlier this month.

The budget calls for proposed tax increases of 8.97, 8.41, and 8.60 for 2009, 2010 and 2011, respectively.

The owner of a $400,000 home can expect to pay $209 more next year, and a combined $660 over all three.

The hike translates into an extra $130 a year for the owner of a $250,000 condominium. That's $411 over three years.

Utilities could go up 9.5 per cent a year for all three budget years.

Business pay more

Business owners face the largest tax increases: 10.47, 10.66 and 9.59 per cent for 2009-11.

The difference? For the 2009-11 budget, non-residential operations are being taxed at a higher rate than in past years. It's part of a "tax burden ratio" that's being worked into financial policies. The idea would use an 84/16 split, meaning 84 per cent of all tax revenues would come from homeowners, while 16 per cent would come from non-residential. (Those were the numbers used over the summer, which may or may not have changed).

According to the budget overview, the proprosed increases actually could have been worse for business had the city not held back on the Servus Place levy. Businesses will gradually pay more for the capital levy in the coming years.