On May 6, Calgary City Council approved priorities directing administration to build 2015-2018 business plans and budgets including a 4.7 per cent tax hike.

The priorities encompass five key themes: A prosperous city, a city of inspiring neighbourhoods, a city that moves, a healthy and green city and a well-run city.

The priorities are set to help guide City departments in their business plans and budgets for the next four years.  The draft plans will then be presented by each department at five respective Standing Policy Committee meetings in September. Citizens and stakeholders will have opportunities to provide commetns and thoughts on the draft Action Plan in mid-November.

As for the property tax hike, 60 per cent of what Calgarians pay goes to the City while 40 per cent goes to the province. Property taxes pay for services including police, fire, transit and roads.

Residential, non-residential and business property taxes currently accounts for 42 per cent of the City’s overall revenue. In 2014, the average Calgary household will pay $134 a month on their property taxes based on a median single residential property assessed at $430,000.

Read more about the City’s priorities in next week’s issue of the CREBNow real estate news.