Calgary,
14
January
2021
|
10:30
America/Denver

2021 Property Assessment Notices issued; Customer Review Period begins

2021 Property Assessment Notices issued; Customer Review Period begins

The City of Calgary issued more than half a million property assessments today and opened the Customer Review Period which runs until March 23.

The total value of the 2021 Assessment Roll is $297 billion, compared to $301 billion in 2020. The typical residential property market value change from the previous year is -2 per cent and the typical non-residential market value change is -6 per cent.

  • The 2021 property assessment values are based on a July 1, 2020 market valuation and physical condition on Dec. 31, 2020.
  • The 2021 median single residential assessment is $445,000, compared to $455,000 in 2020.
  • The 2021 median residential condominium assessment is $235,000, compared to $245,000 in 2020.

Acting City Assessor and Director of Assessment Eddie Lee says, “Calgary’s real estate market, as of July 1, 2020, reflected a slight and consistent decline in the majority of residential properties. With non-residential properties, we saw the office sector continue to decline. While there was decreased demand for traditional brick and mortar retail spaces, the growth of e-commerce benefited the industrial asset class.”

The City encourages property owners to review their assessments 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 for fairness and equity,” says Lee.

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

Key findings from the 2021 Assessment Roll:

  • In 2021, The City of Calgary delivered more than 550,000 Assessment Notices to Calgary property owners. 
  • We delivered more than 40,760 eNotices and mailed more than 511,580.
  • The total value of the 2021 Assessment Roll is $297 billion, a decrease of $4 billion in value from last year. 
  • The typical property assessment change between the 2020 and 2021 is -2% for residential properties and -6% for non-residential properties. 
  • The 2021 median single residential assessment (excluding condominiums) is $445,000 compared to $455,000 in 2020. 
  • The 2021 median residential condominium assessment is $235,000 compared to $245,000 in 2020. 
  • 32,000 northeast properties were inspected for hail damage from the June 2020 hailstorm. Over 7,500 properties were still damaged by the physical condition date of Dec. 31, 2020. The resulting value loss has been reflected within the assessments of those properties.
  • Approximately 97% of revenue neutral taxes from residential properties will stay within 10% of last year’s taxes due to the 2021 assessment.
  • Approximately 64% of non-residential properties’ revenue neutral taxes will stay within 10% of last year’s taxes due to the 2021 assessment.
  • For the 2021 Assessment Roll, non-residential properties have seen market value decreases in the office and retail sectors, while industrial remains strong.
  • The office market has decreased 13% overall due to higher vacancy and lower rents, caused in part by an increase in working from home due to the pandemic and a depressed energy sector.
  • Industrial property value remained strong with a 4% overall market increase driven by the rise in e-commerce, a diversifying economy and Calgary’s logistical advantages as western Canada’s distribution hub. 
  • Retail property market values have decreased 6% overall, in part due to the restrictions placed on this sector as a result of the pandemic. The shift to e-commerce has accelerated during the past year, which has also affected some smaller property tenants. The value of big box properties and other essential retail space was not as impacted by the pandemic.

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Backgrounder

An assessment is the market value of a property (buildings and land) that is used to calculate each property owner’s share of taxes.

Assessed values are determined through a mass appraisal process; which is a way to value a group of properties using common data, including market changes to ensure equitable valuations. Assessments are prepared annually by The City of Calgary, as mandated by the Municipal Government Act.

2021 Assessment Key Dates

Date

Activity

July 1, 2020

Valuation date for 2021 Assessment Roll

Dec. 31, 2020

Physical condition and characteristics date of property for the 2021 Assessment Roll

Jan. 14, 2021

2021 Assessment Notices issued

Jan. 14 – March 23, 2021

2021 Customer Review Period

March 23, 2021

Final date to file a complaint with the Assessment Review Board

May 2021

2021 Property Tax bills mailed

June 30, 2021

2021 Property Taxes due