- Home
- Town Hall
- Taxes and Utilities
- Property Taxes
Property Taxes
5.7% average residential property tax increase in 2024
Inflationary pressures on municipal costs and a return to scheduled investment in infrastructure maintenance has meant a greater than usual tax increase in 2024. Although the municipal portion has increased by 10.4% over 2023, the 17% reduction in 2020 means the average annual increase over the past five years has remained below average inflation at 3.8%.
Combined, the total average tax increase across all properties is 12.1%, with residential properties experiencing an average 5.7% increase and non-residential (commercial) properties saw an average 15.2% increase.
In addition to the municipal portion, the Provincial Education Tax levied by the Government of Alberta requires $10.3 million from Banff properties, or 17.4% more than in 2023.
Property taxes are collected to pay for all municipal services and programs such as fire rescue, police, emergency management, transit, streets maintenance, snow clearing, recreation services, garbage and parks management.
For the typical residential dwelling assessed at $553,080, the average municipal property tax is $1,328, or $111 for those on the monthly payment plan.
The municipal tax increase will affect property owners differently, depending on how their property’s assessed value compares to the average in Banff. While property assessment changes affect individual property tax bills, they do not affect the total tax revenue collected by the Town, which was set in the budget approved by Town Council in January.
This year, a tax rate split of 4.6077:1 was approved, meaning commercial property owners pay $4.61 for every $1 of taxes paid by residential property owners on the same value of property.
Property taxes are due July 2, 2024
Tax notices are mailed out starting May 31. If you do not receive your property tax notice by June 7, please call our team at 403.762.1230.
Sign up for the Tax Installment Payment Plan and pay monthly. The Town will make automatic withdrawals from your bank account of a pre-determined amount.
Pay your taxes through your mortgage bank or company. If you have chosen this method, it will be noted under the Reference Section on your tax invoice and no payment is required to the Town when you receive your property tax invoice.
Pay your property taxes through most chartered banks using telephone, online and ATM banking services. Register with your bank.
Single Annual Payment. Mail a cheque or money order payable to the Town of Banff. Record your roll number or your property address on the cheque and enclose the bottom portion of your tax invoice. Post-dated cheques must be dated no later than the due date. Mail to:
Town of Banff
Attn: Taxes & Utilities
Box 1260
Banff AB T1L 1A1
Seniors Tax Deferral
Seniors can participate in the Property Tax Deferral Program offered by the Government of Alberta.
The Seniors Property Tax Deferral Program allows eligible senior homeowners to voluntarily defer all or part of their residential property taxes, including the education tax portion. This is done through a low-interest home equity loan with the Government of Alberta.
If you qualify, Seniors Property Tax Deferral Program will pay your residential property taxes directly to your municipality on your behalf.
