Average Calgary home plunged $20,000 last year, as property assessments fell $5 billion overall
For most homeowners, taxes will remain within 10 per cent of last year's bill
Overall property assessments in Calgary are down $5 billion compared with last year, driven by declines in residential property values.
The median single family home in Calgary is worth $455,000 this year, compared with $475,000 in 2019, while a median residential condominium is valued at $245,000, down from $255,000.
The biggest drops in value are for higher-end homes.
For 96 per cent of homeowners, that means their taxes will remain within plus or minus 10 per cent of last year's levy.
Towers, warehouses, retail
Non-residential values, on the other hand, have increased by two per cent this year, with growth in office, industrial and retail properties.
In real terms, that mean 78 per cent of those properties will stay within plus or minus 10 per cent of last year's taxes heading into 2020.
"Overall, we see stability and increased values return to the non-residential market after a relatively difficult year for many businesses," the city said in a news release.
The office sector, which declined last year, has increased in value by one per cent in 2020.
The city says the industrial sector has seen strong growth with new projects completed last year.
"Calgary's diversification to distribution warehouses has added a reliable alternative to the oil and gas focused industry, leading to an attractive segment for investors," reads the release.
Complaints until March 10
The total value of the city's assessment roll, used to determine the amount of property taxes owed, sits at $301 billion for 2020. It's based on the market valuation of properties as of July 1, 2019, and the physical condition of properties as of the end of the year.
Assessment notices have been mailed to property owners. Property assessments are also available online.
Property owners are encouraged to check their assessments to ensure accuracy. Those with questions can contact the assessor directly at 403-268-2888.
The final date to file a complaint with the assessment review board is March 10.
- The original version of this story stated that the city's assessment roll is based on the market valuation and physical condition of properties, both as of July 1, 2019. In fact, the physical condition of properties is based on their state of repair as of Dec. 31, 2019.Jan 07, 2020 11:29 AM MT