Big Lakes County Council has officially approved the write-off of $9.3 million in unpaid property taxes owed by Razor Energy, following the conclusion of the company’s bankruptcy proceedings. The total outstanding amount stood at $11.3 million, but the County was able to recover $2 million before the bankruptcy process ended.
County officials say the decision comes only after several years of exhausting all legal avenues to collect the remaining taxes. With the legal process now complete, administrators confirmed that no further recovery is possible at this time. However, the County retains the right to pursue the outstanding amount in the future should circumstances change.
“While this is a significant portion of our revenue, Council and Administration have worked hard to ensure that this impacts our ratepayers as little as possible,” said Big Lakes County Reeve Tyler Airth. “Unpaid oil and gas taxes continue to place a heavy burden on rural municipalities across Alberta, and Big Lakes County is no exception. We are actively working with Rural Municipalities of Alberta (RMA) to lobby the Province for long-term solutions to address this ongoing issue.”
The issue of unpaid property taxes from oil and gas companies has become a mounting concern for rural municipalities across Alberta, a revenue source used to fund essential services and infrastructure. Big Lakes County says it will continue advocating for a provincial solution to ensure municipalities are not left carrying the financial burden when companies default on their tax obligations.
Keith Hopper, Trending 55
