Calgary Budget Debate: Mayor Farkas Pushes for Property Tax Relief

The Calgary City Council is embroiled in a heated debate over the 2026 budget, with Mayor Jeromy Farkas at the center of a proposal to significantly reduce the proposed property tax increase. Farkas suggests using an additional $50 million from city investment income to lower the tax hike from 3.6% to 1.6%, a move that has ignited diverse opinions among council members and residents.

Calgarians, grappling with rising living costs, have shown strong support for the amendment, which promises immediate financial relief. However, concerns loom over the potential long-term impacts on city services. Critics argue that relying on one-time investment income could jeopardize essential services, such as public safety and infrastructure, in future budgets.

The city’s investment income has previously been used to mitigate tax increases, contributing significantly to general revenues. Yet, the debate highlights a fundamental tension between immediate relief and sustainable fiscal policy. Mayor Farkas, elected in October 2025, has committed to reducing the tax burden, aligning with his election promise for financial responsibility.

As the council deliberates, the decision will hinge on balancing the need for economic relief with ensuring consistent service delivery. The outcome will reveal the council's priorities as it navigates the challenges of growing demands and financial stability in Calgary's vibrant community.