There’s a chance you could be paying more in property taxes this year.

Wood Buffalo council met Tuesday evening and approved the 2022 Tax Rate Bylaw.

Urban and Rural residential property tax rates are increasing by seven percent.

The total revenue from property taxes is being reduced by $4 million, which is a 0.84% decrease from last year. Since 2016, property tax revenue has decreased by $326 million in total.

The RMWB is continuing to work towards the provincially mandated 5:1 tax ratio, which now sits at 6.88:1 for 2022.

“We continue to have among the lowest tax rates – if not the lowest – in all of Alberta,” said Mayor Sandy Bowman.

“At a time when people are seeing increases in the cost of living and following what have been some challenging years, it’s important to make decisions that keep this in mind. I will always support a goal of having the lowest rates in the province while ensuring we continue to make sustainable investments in the community.”

Residential tax rates in the Municipality continue to be among the lowest in Alberta, with rural residential tax rates being the lowest in the province, stated the RMWB in a press release.

The education tax, which the municipality collects on behalf of the province, continues to compromise the largest part of most tax notices.

Rural non-residential small business property sub-class is included in the 2022 Tax Rate Bylaw. Business owners that apply and meet the criteria in the provincial regulation will receive a 25 per cent reduction from the rural non-residential municipal tax rate.

Tax notices will be mailed to property owners in May. The deadline to pay property taxes is June 30, 2022.