Pre-Roll Consultation Period is underway
Commercial property owners are invited to review their 2022 preliminary assessment values during The City of Calgary’s Pre-Roll Consultation Period. Running from Oct. 1 to Nov. 5, this annual customer service program offers non-residential and multi-residential property owners and their tax agents a preliminary review of their 2022 assessment value before values are finalized, and notices are delivered in January.
Pre-Roll Consultation is part of The City’s commitment to continuously improve customer service and provide assessment process transparency. By encouraging non-residential and multi-residential property owners to work collaboratively with City assessors, owners and agents are better able to understand the market value assessment process which strengthens The City’s assessment and tax administration.
“We invite non-residential and multi-residential property owners to participate in Pre-Roll, by reviewing their preliminary 2022 property assessment value, sharing new information about your property, and learning what the potential tax implications may be before these values are finalized,” says Eddie Lee, Acting City Assessor and Director of Assessment. “By working collaboratively with property owners in advance of the 2022 property assessment notice mailing, commercial taxpayers will be better able to anticipate their share of property taxes. This program is a win for all, providing both property owners and The City greater tax certainty.”
In addition to providing preliminary 2022 assessment values, owners and agents are offered real-time opportunities to have their questions answered during an online symposium on Oct. 4. During these sessions, we will share how market changes may impact 2022 property assessment values for industrial, office, retail, land & specialized property and multi-residential property types.
From Assessment’s preliminary market value real estate analysis our findings are as follows:
- Vacancy rates remains high in the office market. This will contribute to the continued market value decline of office properties’ assessment values for 2022.
- The retail sector is showing strength, especially from a substantial increase in sales over the past year. This suggests more certainty in the market.
- Smaller retail property values are relatively stable while big box and grocery stores continue to perform very well.
- Demand within the industrial sector remains strong as we saw a 13 per cent increase in sales volume this past year. After seeing industrial property values increase last year, we are seeing the market stabilizing this year.
- While optimism in the hotel sector is increasing with more travel than last year, the impacts of the global pandemic continue to be a factor. We again expect to see significant decreases in hotel values for 2022.
- Multi-residential assessed values are up approximately two per cent. Increased supply and vacancy, particularly in the high-rise inventory, has been offset by stable rental rates and increased sales volume.
While The City is noting these trends, assessment values may change as property owners and agents begin to exchange important and specific real estate market findings with us. We will work with owners and agents to validate real estate data before mailing the 2022 assessment notices in January.
“An important aspect of Pre-Roll is to provide commercial property owners and agents with preliminary tax information. The City offers a preliminary tax calculator on Assessment Search and on calgary.ca to help taxpayers understand their tax obligations as early in the process as possible. Pre-roll provides taxpayers, as well as Council, valuable tax planning information prior to the budgetary process,” says Lee.
Market value assessments are the most understandable, fair and equitable system for property taxation used across Alberta, Canada and around the world. In Calgary, every assessed value goes through three levels of confirmation – internal checks and balances, provincial oversight and, most importantly, review by property owners. This ensures property owners receive fair and equitable assessments for the purpose of tax distribution.
Calgary property owners’ next opportunity to check, review and compare their home and commercial property values will start on Jan. 5, 2022, when The City delivers the 2022 property assessment notices and the 2022 Customer Review Period begins.
We encourage property owners to get their assessment notices faster. Owners can sign up for eNotices by Nov. 30 to receive their assessment notice electronically through their secure Assessment Search account. Going paperless helps the environment and has potential savings of over half a million dollars annually in reduced mailing costs.
To learn more about The City’s property assessment processes, visit calgary.ca/assessment.