Over the past 6 years, the total value of Coaldale’s business community has doubled.
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In December of last year, the Town of Coaldale officially released its 2023 Comparative Analysis – an annual report that compares Coaldale’s operational and financial performance to the operational and financial performances of eight other similarly sized and neighbouring municipalities (Blackfalds, Drumheller, Edson, Innisfail, Lethbridge, Lethbridge County, Ponoka, and Taber).
In keeping with the Town’s 2022 Analysis, the Town’s 2023 Analysis compares Coaldale to its peer and neighbouring municipalities across seven benchmarks – one of which is non-residential assessment growth.
“Each year we conduct this analysis, we look specifically at the relationship between mill rates and assessment growth in each municipality”, said Cameron Mills, Deputy CAO and Director of Growth & Investment for the Town of Coaldale. “Generally speaking, if a municipality's approach to taxation is working, there should be some correlation between how competitive its mill rates are and how much assessment growth it sees - especially when compared to its regional neighbours.”
As the data reveals, Coaldale’s approach to taxation appears to be paying off. Over the past 6 years, the total value of Coaldale’s business community has doubled (jumping from $84,385,901 in 2018 to $168,859,002) making Coaldale a regional leader in per-capita non-residential assessment growth.
As the chart above shows, from 2018-2024 Coaldale experienced $9,261 in per capita non-residential assessment growth. That amounts to 77% more per capita growth than neighbouring Lethbridge County ($5,226), 122% more per capita growth than neighbouring Lethbridge ($4,170), and 190% more per capita growth than neighbouring Taber ($3,189).
“In Council’s 2021-2025 Strategic Plan, we identify a number of focus areas related to supporting the business community including creating a collaborative and regulatory environment aimed specifically at attracting new businesses to Coaldale”, said Town of Coaldale Mayor Jack Van Rijn. “What this looks like in practice is keeping our non-residential mill rates comparatively low and then saying ‘yes’ to prospective businesses and investors as we find ways to reduce red tape and help them set up shop in a timely and efficient manner.”
To read the Town of Coaldale’s 2023 Comparative Analysis, please visit: https://www.coaldale.ca/ComparativeAnalysis