Calgary Property Assessments
January 02, 2009 - The city of Calgary today released the updated Calgary Property Assessments. Property Assessments were mailed out today, but can be viewed online by accessing the link below:
Calgary Property Assessment
The 2009 annual property assessments reflect the market value of property and net annual rental values of businesses as of July 1, 2008 and include any physical changes that have occurred up to December 31, 2008. These dates are legislated under the MGA and any changes that occur between July 1, 2008 and July 1, 2009 will be reflected in the 2010 assessment.
“The use of one common valuation date means that the assessment process is consistent for all property and business owners,” explains Stuart Dalgleish Calgary’s City Assessor. “And assessing annually ensures that current market value changes are regularly reflected in tax distribution.”
Comparisons between the 2008 assessment rolls, based on a July 01, 2007 valuation date, and the 2009 assessment rolls, based on the July 01, 2008 valuation date show that typical changes for all properties were minimal during this one year period.
As a result of the 2009 property assessment, Calgary’s city-wide typical residential market value change is -4% compared to increases of +25% in 2008 and +43% in 2007. This year more residential properties will see revenue neutral tax decreases. 68% or approximately two-thirds will either see no change or a decrease in their taxes due to the assessment, while 32% or approximately one-third will see an increase in their taxes due to the assessment only. 95% of residential properties revenue neutral taxes will stay within plus or minus 10% of last year’s taxes.
The Market Reports also indicates that non-residential property values experienced a city-wide typical increase of +4% compared to +28% in 2008 and city-wide typical net annual rental values experienced an increase, which is the basis for business assessment, of +8%. Businesses will also experience a minimal revenue neutral tax change with 67% or approximately two-thirds of businesses 2009 revenue neutral tax decreasing, 33% or approximately one-third increasing, and 74% or approximately three-quarters of all business revenue neutral tax staying within plus or minus10% of last year’s taxes.
Other information from the Market Reports indicates that the 2009 median single residential assessment (excluding condominiums) is $427,500 compared to $447,500 in 2008. The 2009 median residential condominium assessment is $278,500 compared to $291,500 in 2008. While city-wide residential market values have seen a typical value change of -4%, not all properties have experienced a decrease, as of July 01, 2008. “As a result of our internal quality controls and external audit processes, we are confident that the market values assigned to properties and businesses in Calgary are fair and equitable,” said Dalgleish. “Customer service is a top priority for the Assessment business unit and all staff is fully dedicated to providing the tools and resources our customers need to feel satisfied with their 2009 assessment.”The City of Calgary asks that anyone receiving an assessment notice:
(1) understands their notice and the assessment process;
(2) reviews the notice for accuracy, market value, and equity using resources available on the city website, and
(3) calls Assessment at 403-268-2888 to get answers to questions, receive more information, or, if necessary, book an appointment with an assessor.
The six most expensive Calgary neighbourhoods (median assessment) are:
- Eagle Ridge ($1.87 million)
- Bel Aire ($1.74 million)
- Rideau Park ($1.69 million)
- Upper Mount Royal ($1.65 million)
- Roxboro ($1.64 million)
- Britannia ($1.31 million)
These assessments are not an accurate indicator of the current market value of your Calgary property - of the dozens I've looked at today, the assessments range from 50% too low to 40% too high. If you're interested in a current market assessment of your Calgary home or condo, please contact us at 703-2404 or use the form below:
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