Earlier this week, the City of Calgary sent out Property Tax Assessments to Calgary homeowners.
Property assessment is a value placed on a property for municipal and provincial taxation purposes. The City of Calgary assesses each property annually to distribute fair and equitable taxation. The estimated value of each property comes from the measurement, analysis and interpretation of the real estate market and is governed by the Municipal Government Act. This process is based on mass appraisal models that are an expression of how supply and demand factors interact in the real estate market.
Key factors come into residential property assessments:
- Location
- Land use (zoning)
- Size
- Influence
A list of potential and specific factors that could contribute to residential market value, can be found on the City of Calgary website.
You should be receiving your assessment in the next day or so, if you haven’t already. Once you receive your assessment, go through it thoroughly. Right now, we’re in the 60-day Customer Review Period (running until March 7, 2016).
Be sure to check your assessment for:
- The information on record for the property is correct.
- The assessment is a reasonable estimate of market value for the property, as of July 1 of the previous year (2015).
- The assessment is equitable compared to similar properties or premises.
If you have concerns that your assessed property value is not an accurate reflection of your property, you need to contact the City of Calgary during this 60-day review period (and ensure they receive the inquiry before the period is over).
