CALGARY – Calgary property owners will soon find out how much the city thinks their home is worth.
Tuesday morning, close to 500,000 property and business assessment notices for 2012 were put in the mail; the assessments are based on the market value of the property and annual rental value of the business spaces as of July of 2011. The physical condition of the property as of December is also taken into account. The values are then used to determine property and business tax.
The city saw an overall property value drop of three per cent between 2011 and 2012.
62 per cent of Calgary homeowners will see a neutral tax decrease of under 10 per cent this year while 38 per cent will see a neutral tax increase of under 10 per cent. These figures do not include a six per cent property tax hike approved by city council.
The median value of a single family home in the city came in around $400,000, down $10,000 from 2011.
The median value of a condominium also dropped $10,000 to $240,000.
However, mobile home parks saw a jump of over 10 per cent in value.
Do you look up assessed property values other than your own?
Calgarians have until March 5th to review the assessment and appeal if necessary before taxes are due in June.
Those who do plan to file a complaint are advised to visit the City of Calgary’s website first to learn more about the process. The website, which can be found at Calgary.ca/assessmentsearch, has been redesigned with a number of new features this year.
“One of the changes to Calgary dot c-a, assessment search will be the introduction of a new secure login service for property owners, similar to the service introduced for business owners earlier in 2011,” says Stuart Dalgleish, Calgary’s City Assessor. “This secure service represents the start of property owners being able to access private assessment information about their own properties online, and includes improved search features, as well as new account management services.”
Homeowners will be able to sign up for a myID online account to access their information. The city says it plans to link other city services to the myID accounts moving forward.
Key findings of 2012 property and business assessments:
• Based on the market value of property as of July 01, 2011.
• Total number of accounts on the 2012 Property Assessment Roll is 456,000.
• Total value of the 2012 Property Assessment Roll is 232 billion.
• As a result of the 2012 Assessment, the typical market value residential property assessment change is -3% between 2011 and 2012.
• This year, approximately 93% of residential properties’ revenue neutral taxes will be within ± 10% of last year’s taxes.
o 62% of residential properties will see a revenue neutral tax decrease due to the 2012 assessment.
o 38% of residential properties will see a revenue neutral tax increase due to the 2012 assessment.
• 2012 median single residential assessment (excluding condominiums) is 400,000 compared to 410,000 in 2011.
• 2012 median residential condominium assessment is 240,000 compared to 250,000 in 2011.
• As a result of the 2012 assessment, the typical market value non-residential property assessment change is 2% between 2011 and 2012.
• This year, approximately 60% of non-residential properties’ revenue neutral taxes will be within ±10% of last year’s taxes.
o 63% of non-residential properties will see a revenue neutral tax decrease.
o 37% of non-residential properties will see a revenue neutral tax increase.
• Changes to the real estate market after July 01, 2011 will be reflected in values prepared for the 2013 Property Assessment Roll.
• 2012 Business Assessment Roll:
• Based on the typical net annual rental value of business premises as of July 01, 2011.
• Total number of accounts on the 2012 Business Assessment Roll is 26,100.
• Total value of the 2012 Business Assessment Roll is 2.7 billion.
• As a result of the 2012 assessment, the typical net annual rental value business assessment change is -3% between 2011 and 2012.
• This year, approximately 49% of businesses’ revenue neutral taxes will be within ± 10% of last year’s taxes.
o 35% of businesses will see a revenue neutral tax decrease.
o 65% of businesses will see a revenue neutral tax increase
• Changes to the typical net annual rental market after July 01, 2011 will be reflected in values prepared for the 2013 Business Assessment Roll.
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