The value of Slave Lake’s taxable property grew by $155 million last year. But inflation was responsible for most of it, even in a year of brisk construction.
According to charts presented at town council last week, real growth – actual taxable buildings added – was $19.6 million in 2006. Inflation accounted for over $135 million of additional value on Slave Lake property in the same period. That’s an increase in property values of over 32 per cent in one year.
Broken down to residential and non-residential categories, the numbers show even more starkly the galloping inflation in the housing market. While non-residental property increased a healthy 19.76 per cent in 2006, residential property values skyrocketed just under 40 per cent in one year.
The numbers are according to KCL Consulting, the firm that does property value assessments for the Town of Slave Lake. The Town uses the figures to calculate the tax mill rate – which is the amount each property pays per $1000 of assessed value. The consultant does not reassess all property values each year. In fact it does a quarter of the town (roughly) each year. Last year it was the southeast; this year the southwest gets the scrutiny.
KCL’s Kevin Lawrence explained to town council that although only a quarter of the town is assessed every year, adjustments are made across the board based on what the assessor finds in that quadrant. And what he’s finding, lately, is rampant inflation in property values.

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