On May 14, 2024, Chestermere’s Official Administrator passed a motion to approve the City of Chestermere’s Operating and Capital Budget.
Each year, the City of Chestermere prepares an annual capital budget and the 4-year capital plan. This plan helps maintain the City’s ability to deliver sustainable and reliable services to residents. The capital budget is funded through grants, restricted surplus accounts, offsite levies developer front end, and utility rates. The City’s capital budget includes funding for capital projects which will be started or continued in 2024. In total, the Capital Budget will provide $44.1M in funding for Chestermere’s capital projects.
Click here to review the Capital Budget Presentation
Click here to review the 2024 Budget RFD
Chestermere’s Operating Budget ensures adequate funding for the operation of the City of Chestermere. The 2024 Operating Budget provides funding of $62.6M for the operations and maintenance of the City of Chestermere.
Click here to review the Operating Budget Presentation
The City of Chestermere is also pleased to share information surrounding the 2024 Tax Rate Bylaw!
As per the Municipal Government Act, the city must pass a tax rate bylaw annually. This is a legislative requirement to implement tax rates for property taxes. With the third and final reading of Bylaw-021-24 and the approval of the 2024 tax rate, Property Tax Notices will be distributed to residents and the city can authorize the rates of taxation to be levied against assessable properties.
Residential |
Farm Land |
Non-Residential
|
Residential Vacant Land Bylaw | |
| Municipal Tax Rate | 3.248244 | 3.248244 | 7.238802 | 7.64662 |
| Education Tax | 2.132501 | 2.132501 | 3.000653 | 2.132501 |
| Total Tax Rate | 5.380745 | 5.380745 | 10.239455 | 9.779123 |
This means, on a residential home valued at $700,000, you’d pay approximately 5.4% of the home value in Residential Property Taxes, or approximately $3,780 in 2024 as compared to $4060 at the total tax rate of 5.8% in 2023.
For existing homeowners, it is important to understand how your assessment can impact your property taxes. In 2023 to 2024, the average property grew approximately 8% in value, year-over-year. For example, see the table below:
Year | Assessed Property Value | Municipal Tax Rate | Education Tax Rate | Total Property Taxes |
| 2024 | $770,000 | 3.25% ($2,502) | 2.13% ($1,640) | $4,142 |
| 2023 | $700,000 | 3.61% ($2,527) | 2.19% ($1,533) | $4,060 |
With an average of an 8-10% increase in the assessment of your property, you will only pay approximately $80-100 more, despite a $70,000 increase in value for a home valued at $700,000 in 2023.
To better understand how your tax dollars are spent, review the graph below.