The City of Calgary mailed out annual property value assessments this week, and are reporting an increase of 3 per cent in residential property values. Some communities saw an even bigger jump, particularly in the northeast quadrant, communities saw up to 10 per cent increases. The City says this is likely due to an influx of newcomers to the area, seeking residence in brand new developments.
The basics:
• Median value of home is $410,000, up from $400,000 last year
• Median values of condominiums is $250,000, up from $240,000
• Total value of Calgary’s 2013 property assessment roll is $254 billion
• 57 per cent of residential properties will see a tax decrease
• 43 per cent of residential properties will see a tax increase
Just so you know, homeowners have until March 4th to appeal property assessments. Property tax bills will be mailed to homeowners in May. Generally speaking, your assessed home value for sale will likely be higher than your City assessment. If you’re thinking of selling, ask us about an evaluation of your home.
