LETHBRIDGE: Residential property taxes are on the way down in Nobleford.
The village announced Friday that with a provincial increase in the education portion coming, they're dropping the municipal portion by 80-per cent.
In addition to that the community is also cutting taxes by 1-per cent annually between 2014 and 2017. Then for the village centennial in 2018, residential property taxes fall to zero.
Nobleford Chief Administrative Officer Kirk Hofman discussed what started the trend of lowering taxes every year, going back to 2006, "Starting back in 2005 there was a strategy put in place to reduce our dependency on property tax to run our municipality. We had a lot of growth in this community and our council seen wise to put some of this money into reserves in the event that we need to stabilize taxation."
Hofman also noted that lowering property taxes has given the village a clear boost, "Look at the last census, you'll see the majority of people that live in Nobleford are young families. And we've seen a doubling in the number of homes in Nobleford since 2005, population's doubled, jobs have doubled, industry is taking off exponentially here."