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Page added on January 27, 2020

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2020 Assessment Notices issued; Customer Review Period begins

2020 Assessment Notices issued; Customer Review Period begins thumbnail

The City of Calgary issued more than half a million Property Assessments today and opened the Customer Review Period which runs until March 10.

The total value of the 2020 Assessment Roll is $301 billion, compared to $306 billion in 2019. The typical residential property market value shift from the previous year is -4 per cent and the typical non-residential market value shift is 2 per cent.

  • The 2020 property assessment values are based on a July 1, 2019 market valuation and physical condition on Dec. 31, 2019.
  • The 2020 median single residential assessment is $455,000, compared to $475,000 in 2019.
  • The 2020 median residential condominium assessment is $245,000, compared to $255,000 in 2019.

City Assessor and Director of Assessment Nelson Karpa says,” We have seen an overall slight decline in the residential market. While the decline in the residential market has been fairly consistent across the city, we also have observed that generally, higher valued homes have seen a higher level of market value decline in comparison to more moderately valued homes. In the non-residential market, we have seen an overall modest increase in the market values. Generally, we have observed a slight increase in the market value for office properties, and modest strength in the market values of retail and industrial properties.”

The City encourages property owners to review their property assessments for fairness and equity, and ensure the accuracy of their property details during the Customer Review Period. To do so visit calgary.ca/assessment to access our secure online Assessment Search Tool and handy Property Tax Calculator.

“We encourage all property owners to use the Customer Review Period to check, review and compare their assessment and to get their questions answered,” said Karpa,

Property owners who have questions after reviewing their assessment can speak to our Assessors directly at 403-268-2888. Hours are Monday to Friday 8 a.m. – 4:30 p.m.

Key findings from the 2020 Assessment Roll:

  • In 2020, The City of Calgary mailed more than 544,000 Assessment Notices to Calgary property owners.
  • The total value of the 2020 Assessment Roll is $301 billion, a decrease of $5 billion in value from last year.
  • As a result of the 2020 Assessment, the typical assessment change between the 2019 and 2020 Assessment Roll is -4% for residential properties and 2% for non-residential properties.
  • The 2020 median single residential assessment (excluding condominiums) is $455,000 compared to $475,000 in 2019.
  • The 2020 median residential condominium assessment is $245,000 compared to $255,000 in 2019.
  • Approximately 96% of residential properties’ revenue neutral taxes will stay within plus or minus 10% of last year’s taxes due to the 2020 assessment.
  • Approximately 78% of non-residential properties’ revenue neutral taxes will stay within plus or minus 10% of last year’s taxes.
  • For the 2020 Assessment Roll, non-residential properties have seen a marginal increase in value compared to 2019.
  • After last year’s office tower reductions, we are happy to report that the office inventory is now moving similarly (positive) with other property types, which is a sign that some confidence has returned to the market. The Office sector is increasing 1% in value.
  • Industrial property value remains strong and consistent, with many new construction projects being completed in 2019. 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.
  • Retail property values also remain strong, with multi-national tenants choosing Calgary as their destination of choice. Although there has been turnover in the smaller sized retail segment, new businesses have been eager to renovate and occupy the vacated space.
  • Overall, we see stability and increased values return to the non-residential market after a relatively difficult year for many businesses.
  • The City of Calgary delivered more than 25,000 eNotices to property owners through Assessment Search’s secure account feature.

source:  https://newsroom.calgary.ca









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