Property Tax assessments – add 6% to average home value
Property values for both single family homes and condos are up in Calgary, according to the city’s assessment findings.
Based on market value on July 1, 2013 and the physical condition as of Dec. 31, 2013, the numbers were released Friday, the same day property and business assessment notices were mailed out.
The typical residential property assessment change is 6% between 2013 and 2014.
“We have certainly seen a really strong increase and sort of a re-setting of some of those values back before some of the financial crisis happened,” said city assessor Nelson Karpa.
Though it was considered a strong year, the highest market value shift was 43% between 2006 and 2007, reports the city.
This year, about 96% of residential properties’ revenue neutral taxes — pre-2014 tax rate changes — will stay within ±10% of last year’s taxes.
Though the percentage of change varies from community to community, those in the 0% to -10% are most heavily clustered on Calgary’s west side, in the inner city and in the deep south, while the northeast is dense with neighbourhoods in the 0% to 10% range.
“You’ll generally find properties that are lower in value typically will increase faster than properties that are higher value,” said Karpa, adding there’s a larger pool of people able to afford the less expensive homes….