Assessment notices have been mailed to about half a million property and business owners, signalling the start of the customer review period.
The 2014 property assessment roll has a total value of $276 billion, and the business assessment roll sees a total value of $3.15 billion.
Typical single residential properties are being assessed at $430,000 compared to $410,000 in 2013 and the typical residential condominium is assessed at $260,000, compared to $250,000 in 2013.
“Overall, we’re seeing a steady and consistent growth in the market between 2013 and 2014,” said Nelson Karpa, City assessor.
The residential property market value change from the previous year is six per cent and the non-residential market value change is 11 per The total assessed value change business is six per cent from 2013.
There is 474,692 accounts on the 2014 property assessment roll, and 26,358 accounts on the business assessment roll.
About 96 per cent of residential properties’, and 63 per cent of businesses’ revenue neutral taxes will stay within ±10 per cent of last year’s taxes.
Provincial legislation requires the 2014 property assessments to reflect the market value of property on July1, 2013 and the physical condition as of Dec. 31, 2013. Business assessments look at the typical net annual rental value of the premises as of July 1, 2013.
Special consideration will be used by the assessment business unit for those properties affected by the June 2013 flood.
“Assessment staff used aerial imaging, on-site visual inspections and communication with property owners in areas that experienced overland flooding to identify the properties physically impacted by this event,” said 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 Dec. 31 physical condition date.”
From the analysis of properties that suffered flood damage, 1,939 property assessment accounts have been identified as experiencing a market value reduction; this reduction totals $405 million.
“We are committed to delivering fair and equitable assessments and encourage all property and business owners to use the customer review period to check, review and compare their assessment and to get their questions answered,” said Karpa.
The customer review period runs from Jan. 3 until March 4, property owners can visit the assessment search website at Calgary.ca/assessmentsearch for tools and resources to assist in reviewing their assessment. Anyone who has concerns regarding their assessment is encouraged to contact assessment at 403-268-2888.