The City of Calgary says over half a million property tax assessments will be mailed out on Thursday.
The assessments are an estimate of the market value of your home or business as of July 1, 2016, and are used to determine municipal property taxes.
On Thursday, the city said Calgary residential assessment values have decreased an average of four per cent in 2017 compared to the year before, while non-residential values have dropped by about six per cent.
“Many Calgarians, especially those owning residential properties, will see a decrease in their property assessments,” city assessor Harvey Fairfield said in a news release.
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The median assessment for a single-family residential home dropped to $460,000 compared to $480,000 in 2016. Meanwhile, the median residential condominium assessment dropped to $270,000 compared to $280,000 in 2016.
According to the City of Calgary, downtown offices and businesses have experienced a greater than average decrease.
“On July 1, 2016, the non-residential market showed a decrease in the market value, especially of downtown properties, Fairfield added. “This has resulted in a redistribution of non-residential taxes to those non-residential properties with stable assessments.”
The 2017 property assessments reflect physical condition and characteristics of properties on Dec. 31, 2016.
Calgarians have 60 days to review their assessment, starting on Jan. 5 and ending March 6.
CLICK HERE to view the city’s Assessment Search website, and review your assessment.
PLEASE 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.
2017 KEY DATES
- July 1, 2016 Property and business valuation date
- Dec. 31, 2016 Physical condition date
- Jan. 5, 2017 Assessment notices are mailed to all property and business owners in Calgary
- Jan. 5 to March 6, 2017 Customer Review Period
- February, 2017 Business tax bills are mailed
- May, 2017 Property tax bills are mailed