On Monday April 22, 2024 Council passed Bylaw 823/2024 Tax Rate and Minimum Tax Rate Bylaw which set the Town of Penhold's Municipal Tax Rates for 2024.

Mayor Mike Yargeau, “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. Further to that we have kept the increase at less than half of the national average rate of inflation”

Penhold’s continued commercial and residential growth, combined with increased property assessment values, has resulted in additional tax revenue. This has allowed The Town to maintain the same Residential Mill Rate as 2023 but property owners can anticipate a minimal municipal tax increase of 2.02% on their 2024 Municipal Tax Notice & Assessment, which will be mailed in early May.

Property owners in Penhold can expect to see a 4% increase in Property Taxes this year. This increase is a result of the increased provincial requisitions (1.98%) and increased property values (2.02%). The provincial requisitions for policing, school and seniors care have increased again, accounting for nearly half of the 4% increase. The Town is legislated to collect these fees, on behalf of the Province, based on invoices for services from the Province of Alberta.

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