The City of Calgary has released the 2018 property assessments for residential and non-residential buildings. The city assessed the median value for stand alone houses at $480,000, up from $460,000 in 2017. However, for condominiums, the median assessed value was $260,000 down from $270,000 in 2017. This was attributed to the fact that there is a growing supply of condominiums in Calgary. Overall, residential values had an increase of two percent in 2018.
“While overall residential values experienced an increase of two per cent for 2018, single-residential homes were generally higher, with condominiums experiencing a slight decrease in value for 2018,” said Harvey Fairfield, acting director of city assessment.
Calgary's Economic Recovery
Calgary’s continuing economic recovery has contributed to the increase of two percent in residential property in 2018 after 2017 saw property values fall by four percent and one percent in 2016. This was in sharp contrast to a 10.5 percent increase in 2015 which was fueled by a rapidly growing population and strong residential home sales.
The communities which saw the largest tax increase in 2018 include Scarboro/Sunalta, Rosedale, Roxboro, Mount Pleasant, West Hillhurst and Rosscarrock. Communities such as the Beltline and Eau Claire which have a high concentration of condominiums, will have lower-than-average increases in their 2018 property tax bills. If you want to see exactly where your tax dollars go, visit the City of Calgary website Calgary.ca then go to Taxes and Property Assessment then enter your property tax amount.
The City of Calgary uses a revenue-neutral system and whether or not residential property taxes increase or decrease depends on how the newly assessed value compares with citywide figures. If a homeowner’s 2018 property assessment rose more than two percent, the homeowner’s taxes will go up. The 2018 assessments are based on market values of the property from July 1, 2017. Homeowners will have until March 12th, 2018 to appeal their property assessment.
Will the 2018 Property Assessment Affect the Market Value of My Home?
The City of Calgary Property Assessments are done sight unseen. They are based on a mass assessment of properties in a community and do not take into account the condition of each individual property. One home could be newly renovated while the home next door might be in dire need of repair. This can greatly influence the Market Value of a property. Other factors such as the amount of inventory in a neighbourhood, curb appeal and schools can also greatly affect the Market Value.
Contact Brandon Leys with CIR Realty for more information today!