Reserve fund to cover Calgary property tax losses
City committee votes Wednesday to take burden off of homeowners
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.
- Calgarians not affected by flood to help recoup lost taxes
- BLOG | City report breaks down Calgary flood by the numbers
- $52M tax break creates flood mitigation funding dilemma
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.