Calgary Property Assessments
January 04, 2012 - The city of Calgary today released the updated 2012 Calgary Property Assessments. Property assessments were mailed out yesterday, but can be viewed online by accessing the link below:
Calgary Property Assessment
The 2012 annual property assessments reflect the City of Calgary's estimate of the "market value of property and the typical net annual rental value of businesses as of July 1, 2011 and include any physical changes that have occurred up to December 31, 2011".
The 2012 median single residential assessment (excluding condominiums) is $400,000 compared to $410,000 in 2011 (down 2.5%). The 2012 median residential condominium assessment is $240,000 compared to $250,000 in 2011 (down 4.0%).
According to the city assessment, there are 7 communities, all in southwest Calgary with a MEDIAN assessment of at least $1-million:
- Bel Aire @ $1,560,000 (up 2.0% from last year)
- Upper Mount Royal @ $1,470,000 (down 3.9% from last year)
- Eagle Ridge @ $1,420,000 (down 2.1% from last year)
- Rideau Park @ $1,360,000 (down 4.9% from last year)
- Roxboro @ $1,285,000 (down 2.7% from last year)
- Britannia @ $1,270,000 (up 7.2% from last year)
- Elbow Park @ $1,230,000 (up 0.8% from last year)
Why Calgary Assessed Value doesn't = Calgary Market Value
Calgary property assessments have never been an accurate indicator of the current market value of your Calgary home or condo - assessments are typically 10-15% higher OR lower and can be 50% or more higher or lower than the current market value of a property. The reason is that the city of Calgary uses a mass appraisal process of assigning value based on statistical models. Multiple regression analysis is employed in deriving the assessed value. Hence you have property on one side of a street with 4-7% increases while the other side of the same street have assessed property values dropping by about the same amount.
Like to read more? New blog: > Calgary Property Assessments: Fact of Fiction (October 2011)
If you're interested in the current market value of your Calgary home or condo, please contact Jim Sparrow of Royal LePage at 403-252-5900 or use the form below:
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