CALGARY – Calgarians can expect to see an average hike of six per cent when they receive their 2014 assessments.
The City of Calgary says properties in northeast Calgary had the highest increase in average value.
However, homes in parts of Calgary impacted by June flooding have seen a sharp decline in their assessments. The city says 1,939 properties have a lower assessed value because of the flood, many of them in Roxboro and Elbow Park. It works out to a $405 million depreciation in value.
“I think it’s one of the small bonuses of having decided to stay in the neighbourhood,” says Roxboro resident Jennifer MacDonald. “A reduced tax next year will be beneficial for us who invested in our homes and are staying in the neighbourhood.”
CLICK HERE to read more about Flood Impact on 2014 Assessments
Assessed values are prepared annually and provide the basis for calculating property and business taxes.
They reflect the market value of property on July 1, 2013 and the physical condition as of December 31, 2013.
The latest assessments peg the median price of a single family residence at $430,000, while the typical residential condominium is assessed at $260,000.
An increase in a property’s assessed value does not necessarily mean that property’s taxes will increase by the corresponding amount, and the same goes for a decrease.
“Time will tell how the market views some of these, but from much of the research that we conducted we have found generally speaking, those values rebound relatively quickly,” explains chief assessor Nelson Karpa.
Because city council set this year’s property tax hike at five per cent, all homeowners with an assessment increase more than six percent will pay a greater increase, while those with a lesser value will see a lesser increase.
Homeowners who wish to appeal their assessment can do so until March 4.
CLICK HERE to view the city’s Assessment Search website, and review your assessment.
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