January 5, 2016 12:59 pm
Updated: January 5, 2016 8:19 pm

2016 property tax assessments: what you need to know

WATCH ABOVE: The City of Calgary has released its latest property assessment, and Global’s Gary Bobrovitz has been crunching the numbers.

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CALGARY – The City of Calgary’s says residential property assessments saw a one per cent decrease in overall value between 2015 and 2016.

Officials made the announcement on Tuesday while releasing details on 2016 property and business assessments.

The median assessment for a single residential home jumped $5,000 in 2016 to $480,000.

Meanwhile, the median residential condominium assessment dropped in 2016, settling at $280,000 compared to $290,000 in 2015.

The City of Calgary said luxury and other high priced properties saw the biggest drop in price, while lower valued homes actually saw stable or increased prices.

The highest-assessed residential property in Calgary for 2015 was 27 Pump Hill Close S.W.

Bruce Aalhus / Global News

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The highest-assessed residential home in Calgary for 2015 was 27 Pump Hill Close S.W. at $19,690,000.

Commercial properties, meanwhile, saw an even bigger drop in value, down four per cent, with office space seeing the worst decline plunging 12 per cent.

“Our observation and analysis showed that the market – especially the residential market – held its value reasonably well,” Director and City Assessor Nelson Karpa said on Tuesday. “Although there will always be variances among individual properties and communities, and some property types did experience a decrease, the value of most property types and businesses remains consistent from July 1, 2014 to July 1, 2015.”

Over half a million property and business assessment notices were mailed on Tuesday.

The assessments are used to determine property and business taxes, and are based on the market value of property as of July 1, 2015 and the physical condition as of Dec. 31, 2015.

CLICK HERE to view the city’s Assessment Search website, and review your assessment.

NOTE: You will need the access code from your Assessment Notice for a full report, but can view assessed values for any address or area under the “limited property information” section. 

If you have questions or concerns about your assessment, you can call 403-268-2888.

With files from Reid Fiest and Doug Vaessen

© 2016 Shaw Media

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