To calculate your taxes, your Assessment is multiplied by the Tax Rate for your class of property in the appropriate region. Example - if you have a residential property and are a public school supporter your calculation would be as follows:
Assessed Value = $400,000
Tax Rate = Municipal Residential + Education + Seniors
Tax Rate = 2.507 + 2.453 + 0.0565
Tax Rate = 5.0165
Assessment X Tax Rate = Taxes
400,000 x 5.0165/1000 = $2,006.60
A Tax Rate is per thousand dollars of assessment. For example: For each $1,000 of assessed value, taxes would be $5.02.
In this example the General Municipal tax is $1,002.80 or 50% of the total tax levy of $2,006.60
Lacombe County is required to collect the Education taxes on behalf of the Province, but has no jurisdiction in setting the Tax Rate. The provincial government establishes the Education Tax Rate.