2023 property assessment notices are on their way; Customer Review Period begins
CALGARY – Today, The City of Calgary mailed more than 565,000 annual 2023 property assessment notices and opened the Customer Review Period, which runs until March 13, 2023.
2023 Assessment Roll
The 2023 property assessment values are based on a July 1, 2022 market valuation date and the property’s physical condition on Dec. 31, 2022. The total value of the 2023 Assessment Roll is $351.7 billion, an increase of 38.2 billion from last year. Overall, the typical residential property market value change was a 12 per cent increase over the previous year, while the typical non-residential market value change is two per cent. The 2023 median single residential assessment is $555,000, compared to $485,000 in 2022. The 2023 median residential condominium assessment is $255,000 compared to $235,000 in 2022.
“When property assessments arrive, most property owners will notice that their property’s value have increased from last year due to strong sales and market demand,” says Eddie Lee, City Assessor/Director of Assessment & Tax. “Assessment Roll key findings highlight that from July 2021 to July 2022 the real estate market in Calgary reflected strength, resilience, and growth, especially in the single residential, multi-residential, industrial, and retail markets.“
For more key findings about the 2023 Assessment Roll, please see below.
2023 Customer Review Period
The Customer Review Period is an important time for property owners to check, compare, and review their assessment for accuracy, fairness, and equity. To do so, property owners are encouraged to take the time to visit calgary.ca/assessment to access our secure online Assessment Search tool to review their residential property details and property market trends report; compare their property with other similar properties; sign-up for eNotice and enter the Go Paperless Contest.
“The Customer Review Period is one of our top priorities,” says Lee. “During this time, our team is fully dedicated to answering questions Calgarians and businesses might have about their assessment notice.”
Go Paperless Contest
To help save time, trees, and tax dollars, we are offering a Go Paperless Contest to encourage property owners to switch from paper to electronic notices (eNotices). The contest begins Jan. 1, 2023 and ends March 31, 2023. There are 12 prizes, each consisting of a $250 Visa gift card. The contest is open to Alberta residents over the age of 18, and subject to the full contest rules available at calgary.ca/gopaperless.
Assessment Changes’ Tax Implications
Annual property assessments are integral to The City’s tax process. Knowing how property assessments work and how they are prepared can help property owners anticipate their tax share, well before tax bills are mailed in May 2023, helping them to budget accordingly.
This year, single residential and multi-residential property owners, are expected to have their tax share increase due, in part, to the 2023 annual assessment. This increased tax share combined with The City budgetary changes will result in an estimated increase of 5.5 per cent to the 2023 municipal property tax, based on the single median assessed home value increasing from $485,000 in 2022 to $555,000 in 2023.
Residential condo property owners are expected to have their tax share decrease due to the 2023 annual assessment. This decreased tax share combined with The City budgetary changes will result in an estimated increase of 0.06 per cent to the 2023 municipal property tax, based on the median assessed condo increasing from $235,000 in 2022 to $255,000 in 2023.
Property owners are encouraged to use the Property Tax Calculator to get an estimate of their 2023 property tax. It is important to note that each property’s tax change will vary based on individual changes in assessment.
Property tax rates will not be finalized until after the release of the provincial budget in the spring to determine the provincial share of property tax and Council’s approval of the property tax bylaw.
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.
2023 Property Assessment Roll Key Findings
- In 2023, The City of Calgary mailed approximately 567,000 Assessment Notices, including more than 51,000 Assessment eNotices, to Calgary property owners.
- The total value of the 2023 Assessment Roll is $351.7 billion, an increase of $38.2 billion in value from last year.
- The typical market value assessment change between this year and last year is 12 per cent for residential properties and two per cent for non-residential properties.
- The 2023 median single residential assessment (excluding condominiums) is $555,000 compared to $485,000 in 2022.
- The 2023 median residential condominium assessment is $255,000 compared to $235,000 in 2022.
- Approximately 95 per cent of revenue neutral taxes from residential properties will stay within 10 per cent of last year’s tax.
- Overall, residential properties increased by 12 per cent.
- Single residential: Homeowners, especially those who own single residential properties, experienced the greatest increases in value, changing by 13 per cent from last year. Calgarians continue to seek suburban properties especially single residential detached and semi-detached houses.
- Residential condominiums: Residential condominiums experienced a seven per cent increase. The townhouse condominium market increased by nine per cent while the apartment condominiums increased six per cent from last year.
- Multi-residential: The rental apartment market experienced a typical increase of 13 per cent. Leading the increases were townhouses, with high-rise and low-rise properties close behind, and finally fourplexes increasing more modestly.
- Approximately 72 per cent of non-residential properties’ revenue neutral taxes will stay within 10 per cent of last year’s tax.
- We continue to see steady resilience and sustained growth within the non-residential market, which increased by two per cent. Industrial and retail properties have increased in value again this year.
- Office properties: Office properties have decreased by three per cent from last year. However, the downtown office market increased by four per cent due to the strength of the A and AA class buildings, along with some compressions of vacancy and an increase of movement from lower to higher quality downtown office space. Yet, B and C class buildings continue to experience valuation pressures due to high vacancy and limited demand. Suburban office properties continue to struggle with rising vacancy leading to value reductions.
- Industrial properties: Industrial property values have increased five per cent overall with many typically sized warehouses reflecting value increases. Large format warehouses and newer constructed warehouses reflect higher value increases as Calgary remains a major Western Canada distribution hub.
- Retail properties: Retail properties have increased by four per cent overall, due mostly to strong sales transactions of larger format properties.
Due to processing delays at the Province of Alberta Land Titles Office, recent ownership and mailing address changes may not be reflected on the 2023 Assessment notices mailed on Jan. 4. Property owners are encouraged to contact us at 403-268-2888 if they have questions.
For more information, please visit calgary.ca/assessment
Property assessments are based on the market value of a property and is used to calculate each property owner’s share of tax.
2023 Assessment & Tax Key Dates
|July 1, 2022||Valuation date for 2023 Assessment Roll|
|Dec. 31, 2022||Property physical condition and characteristics date for the 2023 Assessment Roll|
|Jan. 4, 2023||2023 Assessment Notices mailed|
|Jan. 4 – March 13, 2023||2023 Customer Review Period|
|March 13, 2023||Final date to file a complaint with the Assessment Review Board|
|March – April 2023|
Provincial Budget released;
Provincial requisition of Calgary’s property tax is set
|March – April 2023||City Council approves the Property Tax Bylaw|
|May 2023||2023 Property Tax bills mailed|
|June 30, 2023||2023 Property Tax due|