The City of Lethbridge mailed out property assessment notices on Jan.4, and many residents will have noticed quite the increase.
According to Larry Laverty, manager of assessment and taxation for the city, the average increase from 2020-21 and 2021-22 were both around 7.6 per cent for residential properties.
The most recent assessment reflects the estimated price a property may have sold for as of July 1, 2022 on the open market and the physical condition as of Dec. 31.
“We look at every sale that happens in the municipality… We look at things like the house size, the condition, the locations,” Laverty explained, adding that an average increase for Lethbridge is usually one to two per cent.
“Typically we don’t see increases like this but the market has been so strong in the last couple of years that we’ve seen above average increases.”
An online map allows the public to view properties across the city and compare your value to that of your neighbours’.
“We usually suggest that the city assessment is pretty close if it has been sold in the last three to five years,” explained Shauna Grunginer.
Gruninger, a REMAX Real Estate associate and vice chair of the Lethbridge & District Association of Realtors, shared that one of her recently sold rental properties fetched $350,000, while her property assessment from the city was $351,000.
“Having both parts by the city assessing it and then having a real estate agent giving you a market analysis on it, that would clearly help you be confident on what your home could be worth, depending what those numbers come in at,” she said.
She added she has heard from people surprised by the city-assessed value of their home, one of whom thought their number was too high.
During budget discussions in the fall, Lethbridge city council approved an approximate 5.1 per cent annual increase in municipal taxes after no increases the previous three years.
This means it’s highly likely residents will be paying more taxes in the coming years. A higher property value usually means higher taxes.
Laverty said residents have until March 13 to appeal their assessment. Property tax notices are expected to arrive in May.
“If you think there’s a problem, the best course of action is to contact the assessment department. We have assessors standing by the talk to people and they can explain how the value was arrived at,” Laverty said.
“If there’s any mistakes, we fix them.”