Reserve fund to cover Calgary property tax losses

A committee of Calgary city council voted Wednesday use a reserve fund to make up for property tax losses that are a result of June's flooding.

City committee votes Wednesday to take burden off of homeowners

The city estimates it will lose $2.4 million in tax revenue next year because of all the property damage that happened during June flooding. (Nathan Denette/Canadian Press)

A committee of Calgary city council voted Wednesday use a reserve fund to make up for property tax losses that are a result of June's flooding. 

A new report found that just under 2,000 Calgary homes market value dropped, which city assessors say is for a total of $405 million.

In terms of property tax revenue for the city, it would mean a $2.4 million loss, according to city assessors.

The priorities and finance committee voted Wednesday to take the amount out of a reserve fund, meaning that the cost of the flood  in this respect — will not be tacked on to every other Calgarians' property tax bill.

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