Calgary Council Approves 7.8% Residential Tax Hike in 2024

The Calgary City Council has approved the 2024 budget adjustments on Wednesday. After three days of deliberation, the city council voted 9-6 in favor of the budget adjustments, which calls for a 5% property tax increase in 2024.

The previous budget discussions led to a 3.4% property tax increase in 2024. However, the adjustments has now increased, meaning residential property taxes will jump by 7.8% in 2024. The figure increased in order to generate funding for the new investment priorities the city recommended in 2024, including the city’s affordable housing.

The council also voted to shift the tax burden from businesses to homeowners by one per cent for the next three years, starting 2024.

To address housing affordability, the city is investing $90 million in capital funding, $27 million in annual program funding and a one-time $54.5 million in 2024. The council also approved $6 million annually in funding for the mental health and addiction strategy.

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