Calgary, AB,
03
January
2014
|
08:28
America/Denver

2014 Assessment Notices are mailed and the Customer Review period begins

CALGARY – Today, The City of Calgary mailed 2014 Assessment Notices to approximately half a million property and business owners.

The total value of the 2014 property assessment roll is $276 billion. The total value of the business assessment roll is $3.15 billion. The typical residential property market value change from the previous year is 6 per cent and the typical non-residential market value change is 11 per cent. The total assessed value change for business is 6 per cent.

“Overall, we’re seeing a steady and consistent growth in the market between 2013 and 2014,” says Nelson Karpa, City Assessor. 

The typical single residential property in Calgary is now assessed at $430,000, while the typical residential condominium is assessed at $260,000.

As required by provincial legislation, the 2014 property assessments reflect the market value of property on July 1, 2013 and the physical condition as of December 31, 2013. The 2014 business assessments reflect the typical net annual rental value of premises as of July 1, 2013.

The June 2013 flood event required special consideration by the Assessment business unit. Following the flood, Assessment staff worked to identify and measure the flood’s impacts to city properties.

“Assessment staff used aerial imaging, on-site visual inspections and communication with property owners in areas that experienced overland flooding to identify the properties physically impacted by this event”, says Karpa. “From there, we analyzed market activity and reviewed the physical condition of affected properties to determine any changes caused by the flood as of the December 31 physical condition date.”

As a result of this analysis, 1,939 property assessment accounts have been identified to-date as experiencing a market value reduction, at approximately $405 million, due to the flood. The market value adjustments are reflected in the 2014 assessed values for these properties.

“We are committed to delivering fair and equitable assessments and encourage all property and business owners to use the Customer Review Period to check, review and compare their assessment and to get their questions answered,” says Karpa.  The Customer Review Period runs from January 3 until March 4.

The Assessment Search website at calgary.ca/assessmentsearch offers tools and resources to help property and business owners review their 2014 assessment. Through Secure Login, customers can access more details on record for their property or business premises and compare their assessment for fairness and equity. The Assessment Notice provides a unique Access Code to securely log in to Assessment Search.

If any information about a property or business premises needs to be changed or updated, or if customers wish to discuss their assessment further, they are encouraged to contact Assessment at 403-268-2888. Any changes to a customer’s 2014 property or business assessment will only be considered during the Customer Review Period.

The Assessment Notice is not a tax bill. Assessed values are prepared annually and provide the basis for calculating property and business taxes. An increase in a property’s assessed value does not necessarily mean that property’s taxes will increase by the corresponding amount. The 2014 Business Tax Bills will be mailed in early February and the Property Tax Bills in late May, once the provincial education tax requirement from property tax is known.

In 2014, 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 10 per cent decrease to the 2014 business tax rate and an estimated 2.7 per cent increase to the non-residential property tax rate. Incremental revenue transfers will occur annually until 2019, culminating with the elimination of the business tax. More information is available at calgary.ca/btc.

 

THE CITY OF CALGARY 2014 PROPERTY AND BUSINESS ASSESSMENT ROLLS
KEY FINDINGS

2014 Property Assessment Roll:

  • Based on the market value of property on July 1, 2013 and physical condition as of Dec. 31, 2013.
  • Total number of accounts on the 2014 Property Assessment Roll is 474,692.
  • Total value of the 2014 Property Assessment Roll is $276 billion.
  • As a result of the 2014 Assessment, the typical residential property assessment change is 6 per cent between 2013 and 2014.
  • Approximately 96 per cent of residential properties’ revenue neutral taxes (pre-2014 tax rate changes) will stay within ±10 per cent of last year’s taxes.
  • 2014 median single residential assessment (excluding condominiums) is $430,000 compared to $410,000 in 2013. 
  • 2014 median residential condominium assessment is $260,000 compared to $250,000 in 2013. 
  • As a result of the 2014 assessment, the typical non-residential property assessment change is 11 per cent between 2013 and 2014.
  • Approximately 65 per cent of non-residential properties’ revenue neutral taxes (pre-2014 tax rate changes) will stay within ±10 per cent of last year’s taxes.

2014 Business Assessment Roll:

  • Based on the typical net annual rental value of business premises as of July 1, 2013.
  • Total number of accounts on the 2014 Business Assessment Roll is 26,358. 
  • Total value of the 2014 Business Assessment Roll is $3.15 billion.
  • As a result of the 2014 assessment, the total assessed value change is 6 per cent between 2013 and 2014.
  • Approximately 63 per cent of businesses’ revenue neutral taxes (pre-2014 tax rate changes) will be within ± 10 per cent of last year’s taxes.