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City Council passes 2023 mill rate

City Council passes 2023 mill rate

Lloydminster, AB/SK – Calculated based on the final assessment roll and the 2023 budget requirements, Lloydminster City Council passed the 2023 mill rate during the Council meeting on Tuesday, May 23, 2023.

Defined in the 2023 Mill Rate, Council approved the mill rates resulting in an overall residential increase of 0.78 per cent and an overall non-residential decrease of 0.58 per cent in comparison to 2022.

Since the bylaw’s first reading on May 8, 2023, the residential municipal rate decreased from 7.1814 to 7.1785 mills, and the non-residential municipal rate decreased from 12.9265 to 12.9213 mills due to assessment revisions since first reading of the bylaw. All other rates remained unchanged.

The total taxable assessment, including assessment revisions, for the 2023 tax year is $4.657 billion, which is up from $4.5 billion in 2022 or a 3.4 per cent overall increase. In 2023, with the assessment and proposed mill rate changes, the tax levy will collect an estimated $42,377,534  for municipal purposes, as approved in the 2023 budget revisions on May 8, 2023.

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