At the time, Farkas described the increase as the largest provincial property tax hike in Alberta\u2019s history.<\/p>\n
Speaking Friday, the mayor said the province\u2019s decision to lower the education property tax rate will help reduce the overall property tax burden facing Calgarians when the city prepares its next four-year budget cycle.<\/p>\n
Farkas noted that currently about 58 cents of every property tax dollar collected in Calgary goes to the city, while 42 cents is directed to the provincial government through the education tax.<\/p>\n
The province said property owners in municipalities where the new standardized rate is higher than the current local rate will receive a one-time transition tax credit in 2027.<\/p>\n
Opposition Leader Naheed Nenshi dismissed the announcement, calling it a \u201cfake\u201d property tax freeze and arguing it does little to address affordability concerns facing Albertans. Nenshi said the UCP is only partially reversing last year\u2019s education property tax increase while shifting costs onto some rural homeowners under the new standardized rate system.<\/p>\n
Finance Minister Jason Nixon said the reduction will not affect school funding levels already committed in Budget 2026. He said the province expects to make up the lost revenue through general government revenues, citing improved fiscal projections since the budget was tabled earlier this year.<\/p>\n
The announcement follows an improvement in Alberta\u2019s financial outlook. This summer, the province projected a $2-billion surplus<\/a> for the 2026-27 fiscal year, a sharp turnaround from the $9.4-billion deficit forecast in February.<\/p>\n The province attributed the improved outlook largely to higher oil prices, driven in part by the U.S.-Iran conflict, which boosted non-renewable resource revenues by $9.7 billion.<\/p>\n \t\tKeep it Factual<\/p>\n Add CityNews Calgary as a trusted source on Google to see more local stories from us.<\/p>\n
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