The City-assessed value of both single residential and condominium properties in Calgary recorded double-digit growth in 2015.
According to the City of Calgary, which mailed out more than half a million property and business notice to residents in early January, the 2015 median single residential assessment grew by 10 per cent to $475,000 from $430,000 in 2014. The median residential condominium assessment, meanwhile, is up 11 per cent to $290,000 from $260,000.
Here are five things you need to know about this year’s assessments:
1. What are property taxes?
Property taxes are a rate established by City council after approval of the amount of expenditure needed to support services in Calgary. As required by provincial legislation, the 2015 property assessments reflect the market value of property as of July 1, 2014, and the physical condition as of Dec.31, 2014. The 2015 business assessments reflect the typical net annual rental value of premises as of July 2, 2014.
2. How is my property tax calculated?
Each homeowner’s share is calculated by multiplying their respective property assessment by the 2015 tax rate.
3. What do my property taxes support?
Property taxes are the primary source of funding for the City’s operating budget and support services. This can range from everyday infrastructure such as transportation and recreation to police and fire protection. Approximately 40 per cent of residential property taxes are also allocated to the province for budgetary requirements.
4. What if I take issue with my property taxes?
Calgarians have an opportunity to participate in a review period that ends March 6. The timeline is an opportunity for residents to review and check the accuracy of their assessment and contact the City with any potential questions. The assessment search website offers tools and resources to help property and business owners review their 2015 assessment. The assessment notice provides a unique access code to log in.
5. What about business tax?
In 2015, an additional 10 per cent of business tax revenues will be transferred to and collected through the non-residential property tax as part of the business tax consolidation process. This will result in a total 20 per cent decrease to the 2015 business tax rate. Incremental revenue transfers will occur annually until 2019, culminating with the elimination of the business tax.