The 2022 property assessment notices are on their way; Start of customer evaluation period



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Today, the City of Calgary posted nearly 560,000 annual 2022 property assessment notices and opened the client review period, which runs from January 5 to March 14, 2022.

2022 assessment roll

The total value of the 2022 assessment roll is $ 313.5 billion, compared to $ 297 billion in 2021. The typical variation in the market value of residential properties compared to the previous year is 6% and the Typical variation in the market value of non-residential properties is -5%.

  • The 2022 property assessment values ​​are based on a market valuation of July 1, 2021 and physical condition as of December 31, 2021.
  • The median valuation of single-family homes for 2022 is $ 485,000, compared to $ 445,000 in 2021.
  • The median valuation of residential condominiums in 2022 is $ 235,000, which corresponds to the 2021 value of $ 235,000 in 2021.

City of Calgary Appraiser and Director of Valuation Eddie Lee said: “The Calgary real estate market, as of July 1, 2021, reflected a vibrant residential market driven in part by demand for more facing space. pandemic regulations and restrictions. For the non-residential, it is not surprising that the office sector continued to decline with a persistently high vacancy rate while the retail and industrial markets remained relatively stable.

Key findings of the 2022 property assessment roll

o In 2022, the City of Calgary mailed nearly 560,000 assessment notices, including over 46,000 electronic assessment notices, to property owners in Calgary. o The total value of the 2022 assessment roll is $ 313.5 billion, an increase of $ 16.5 billion from last year. o Following the 2022 appraisal, the typical appraisal change between this year and last year is 6 percent for residential properties and -5 percent for non-residential properties. o The 2022 median valuation for single-family homes (excluding condominiums) is $ 485,000 compared to $ 445,000 in 2021. o The median valuation of residential condominiums in 2022 is $ 235,000, which equates to the value of $ 235,000 in 2021. o About 92 percent of neutral taxes on residential property income will remain below 10 percent of last year’s taxes due to the 2022 assessment. last year. Typical downtown ratings increased 3%, while suburban ratings increased 10%. The condominium apartment market struggled during the assessment period, posting a 2% decline from last year. o Multi-residential: The rental apartment market was stable, increasing 1% from last year. Quadruple and row houses have seen their value appreciate by more than 6%. Low rise buildings remained stable and high rise buildings fell 1%.

o About 73 percent of neutral taxes on non-residential property income will remain below 10 percent of last year’s taxes.

o Industrial: Overall, the industrial market remained stable with a 2% drop in value.

o Offices: The office real estate market has continued to experience challenges over the past year and has declined -10 percent overall. Pandemic public health restrictions, working from home and the general state of economic conditions for businesses that typically occupy offices have combined to lead to an increase in vacancy and a decline in property values ​​for most of the time. Calgary office areas.

o Retail: Overall, retail values ​​fell by 1%, which can be considered relatively stable year over year, with moderate variation by type of property. The values ​​of small retail businesses are relatively stable, and independent superstores and grocery stores continue to perform very well. Downtown malls and retail stores continue to see their value decline.

Client review period 2022

The client review period is an important time for property owners to verify, review and compare their valuation for accuracy, fairness and fairness. To do this, owners are invited to visit calgary.ca/evaluation to access our secure online site Evaluation research tool to update their residential property details, compare their property with other similar properties, review the real estate market and trend reports and register for eNotice.

“The client review period is a top priority for the assessment,” says Eddie Lee, City of Calgary Assessor and Director of Assessment. “During this time, Assessment staff and resources are fully dedicated to serving taxpayers and answering their questions.”

Tax implications of valuation changes

Annual property assessments are an integral part of the City’s tax process. Knowing how property assessments work and how they are prepared can help property owners anticipate their share of taxes well in advance of sending tax bills in May 2022, helping them budget accordingly.

This year, homeowners who own a single residential property are expected to see their tax share increase in part due to the 2022 annual assessment. This increased tax share combined with Council budget changes will result in an overall increase of $ 6. 13% of their 2022 municipal property taxes, excluding refunds, based on the median home appraisal of $ 485,000 and the typical 6% appraisal change between this year and last year .

Homeowners who own a residential condo are expected to see their tax share decrease due to the 2022 annual assessment. This decrease in tax share combined with Council budget changes will result in an overall decrease of 2.62 percent in their income. 2022 municipal property taxes excluding rebates, based on the median condominium appraisal of $ 235,000 and the typical 6 percent appraisal change between this year and last year.

Owners are encouraged to use the Property tax calculator to find out how their individual tax share may have changed due to the change in their property valuation from year to year. It is important to note that each property’s tax change will vary because the property valuation process each year results in a redistribution of taxes between properties.

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

For more information, please visit calgary.ca/assessment

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Information document

An appraisal is the market value of a property (buildings and land) which is used to calculate each owner’s tax share.

Appraised values ​​are determined by a mass appraisal process, which is a way to appraise a group of properties using common data, including market changes to ensure fair appraisals. Assessments are prepared annually by the City of Calgary, as required by the Municipal Government Act.

Key dates for the 2022 assessment

Dated

Activity

July 1, 2021 Assessment date of the 2022 assessment roll
December 31, 2021 Physical condition and characteristics date of the property on the 2022 property assessment roll
January 5, 2022 2022 assessment notice issued
January 5 – March 14, 2022 Client review period 2022
March 14, 2022 Deadline for filing a complaint with the Land Assessment Review Board
May 2022 2022 property tax invoices posted
June 30, 2022 2022 Property taxes due

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