Penhold Town Council has set the 2024 Operational and Capital Budget during the April 8 regular meeting.   

Increased property assessment values have resulted in additional tax revenue, a Town of Penhold media release said.   

With the additional revenue, the town can maintain the same Residential Mill Rate as in 2023, but it does result in a property tax increase for any property with an increased assessment value.   

“Despite Penhold having above higher tax rates in the past, municipal taxes in Penhold are now lower than they were 10 years ago,” the release said. “On average, a single-family home in Penhold has seen a decrease in municipal taxes while also having an increase in home value assessment.”  

In Penhold, residents who purchase a newly constructed home can utilize the New Home Buyer Incentive Program, offering a municipal tax reduction of up to 50 per cent the first year they own the home, and 25 per cent during the second year of ownership.  

The Tax Installment Payment Plan (TIPP) is another option, giving residents a chance to make equal monthly payments instead of one lump sum payment.   

“We are proud of administration and their efforts to continuously work towards providing the same high level of services, while ensuring infrastructure is maintained, with only a minimal municipal tax increase, despite ongoing cost increases,” said Penhold Mayor Mike Yargeau. “Further to that, we have kept the increase at less than half of the national average rate of inflation.”