More than 565,000 Calgarians will receive their property assessment notices in the coming days. The City of Calgary said they sent out the 2023 notices Wednesday morning.
In a news release, the city said this year’s property assessment values are based on a July 1, 2022 market valuation date and the property’s physical condition on Dec. 31, 2022. The total value of the 2023 assessment roll is $351.7 billion — an increase of $38.2 billion from 2022.
“Overall, the typical residential property market value change was a 12 per cent increase over the previous year, while the typical non-residential market value change is two per cent,” the news release said.
The 2023 median single residential assessment is $555,000, compared to $485,000 in 2022. Meanwhile, the 2023 median residential condominium assessment is $255,000 compared to $235,000 last year.
“Assessment roll key findings highlight that from July 2021 to July 2022 the real estate market in Calgary reflected strength, resilience and growth, especially in the single residential, multi-residential, industrial and retail markets,” Eddie Lee, the city’s director of assessment and tax said.
The customer review period runs until March 13, 2023 and the city said it’s important Calgarians take the time to check their assessment for not only accuracy but fairness and equity.
Property owners are encouraged to take the time to visit the assessment search on the city’s website to review their residential property details and property market trends report; compare their property with other similar properties and to sign-up for electronic notices (eNotice) — a way to help the environment by getting your assessment via online.
“The customer review period is one of our top priorities,” Lee added. “During this time, our team is fully dedicated to answering questions Calgarians and businesses might have about their assessment notice.”
The city also announced an initiative to get more Calgarians to go paperless in an effort to help save time, trees and tax dollars with a contest. From the beginning of January until the end of March, people who choose to sign up to go paperless will be entered in to win one of 12 gift cards. For full contest info and how to enter, visit the city’s Go Paperless contest website.
For a full list of key findings from the city, click here.
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What new homeowners should know
Getting the assessment in the mail can be confusing to some who are first-time homebuyers but Lee reinstated by looking it over line-by-line will help people get more comfortable with what information is being shared.
“The first thing someone should do is take a look at the information on the notice, including the assessed value, and see if that value represents what you think your property would have sold for back in July 1st of 2022,” Lee said.
He explained if something looks off or someone would want more information, to log into the assessment search on the city’s website and take a look at the property details that were used to value the home.
“If those details (don’t) match… you can update that information right online. Also, what you can do online is check assessments of other similar properties to see if your property is being assessed fairly and equitably as well as look at market sales that would have occurred in the same area to show that the value of your home is properly assessed.”
Lee said this will also help new homeowners get a decent gauge of what their upcoming property taxes might be, come the spring. He said people are able to take the information from their assessment and put it into another tool from the city — its property tax calculator — to then have it give an estimate on the amount.
“However, I stress the word estimate, as we also rely upon the provincial government finalizing their budget, their side of the equation, before the property tax bylaws is finalized in the spring and tax bills are mailed in May,” Lee explained.
From there, he said the fees would be due by the end of June.
In the meantime, realtor and CEO of Red Line Realeste with Real Broker Darren Langille said with the expectation of inflated numbers in certain regions in the city, it’s best to review your assessment like Lee advised but to also not be afraid to challenge what the city has put out.
“Now, who should worry about this number being larger, is if you think it’s completely out of whack with reality,” Langille said while also repeating what Lee said earlier when it comes to property taxes come springtime.
“If, for some reason, that looks like it’s much bigger, it’s going to cost you more to just operate the home and that’s when you would likely want to file one of these reviews,” he said.
“Us as agents, we do this often to try and justify if the number the city has provided is correct, or you know what, it might be time to go down that review process.”