Rocky View County's (RVC) 2020 budget will include a three per cent tax decrease following a decision by council.
The budget was approved unanimously at a regular meeting April 28, according to a press release.
"Given the challenges presented by COVID-19, and the impacts of historically low energy prices, Council wanted to make a substantial statement in our 2020 budget and property taxes. This is one way we can help every single one of our residents and businesses deal with the current situation," Reeve Greg Boehlke said in the release.
According to the press release, a two per cent tax increase was originally planned to cover the costs of inflation. While council's decision means the original budget is impacted by a total of five per cent, Boehlke said the County is in the right financial position to make that move.
"You very often hear talk about preparing for a 'rainy day,' and we're there right now. RVC has a long history of good financial management by Council and our administration, and that gives us the ability to make this unprecedented tax reduction," he said.
Council also voted to delay the application of late-payment penalties on municipal property taxes and on the Province's education taxes. Penalties will not be applied until Sept. 1; normally, property owners would need to pay by June 30.
"Our property tax reduction reduces costs for everyone, while delaying penalties can help some residents and business owners with temporary cash flow problems," Boehlke said. "The economic well-being of RVC residents and businesses is a priority during these unprecedented and disruptive times. These unanimous decisions show Council's clear desire to play a strong role in our economic recovery."
The 2020 Tax Rate Bylaw will be approved by council at meeting May 12.
