On Friday, the City of Calgary mailed out approximately 500,000 Property Assessment notices. The assessments reflect the market value of the property on July 1, 2013, and the physical condition as of December 31, 2013.
The average home in Calgary is now valued at $430,000 (up 6% from last year), and the average condo is valued at $260,000. Naturally, the flooding last June had some affect on the communities hit by it:
The June 2013 flood required special consideration by City Assessors. “Staff used aerial imaging, on-site visual inspections and communication with property owners to identify the properties physically impacted by this event”, says Karpa. “From there, we analyzed market activity and reviewed the physical condition of affected properties to determine any changes caused by the flood as of the December 31 physical condition date.” As a result of this analysis, 1,939 property assessment accounts have been identified to-date as experiencing a market value reduction, at approximately $405 million, due to the flood. – City of Calgary
Homeowners have from now until March 4, 2014 to review their Assessment with the City of Calgary, and if you see any discrepancies, you are encouraged to do so. Information can be found on the City of Calgary website.
