Cold Lake residents have received their 2025 property assessments, and while some properties may be assessed at lower amount, homeowners may still see an increase in their taxes due to a provincial education property tax increase.
The Government of Alberta has announced a 6.2 percent increase to the education property tax. Residential properties will see an increase from $2.56 to $2.72 per $1,000 of assessment, while commercial and farmland properties will rise from $3.76 to $4.00 per $1,000.
“We understand that many residents are in a tight spot right now when it comes to finances,” said Mayor Craig Copeland. “We kept our budget increases as minimal as possible with rising costs, but this provincial increase may surprise some residents.”
The Government of Alberta froze the education property tax in 2024/2025, but the freeze was not extended for the 2025/2026 tax year. As a result the city of Cold Lake’s education tax requirement will increase by $875,038, bringing the total to $7,459,208. For residents, this means an estimated $62.75 yearly increase based on the average residential assessment, and increase of about 8.6 percent.
Copeland emphasized that municipal council does not set the education property tax and that these funds go directly to the province. “There are other portions beyond our control, like the mill rate and the education property tax,” he said. “This money goes back to the Government of Alberta, not into the city’s budget.”
According to the province, education property tax revenue helps fund school operations as student enrolment grows. More details can be found at https://chatgpt.com/c/www.alberta.ca/education-property-tax.
