What are residential property assessments?
Your property assessment helps the City determine how to distribute property taxes among property owners. Your assessment can change from year to year as your assessed value increases or decreases.
The City bases its assessments on several factors, including the age of the home, location, lot size, and additions/renovations. While you don’t have a City official knocking on your door to check on any upgrades you have made, knowing they consider any applications for building permits is crucial.
The assessments are mailed to property owners in January of each year, but the values are estimated in the six months prior (July of the previous year). Notably, this assessment is only the City’s portion of taxes, and the Provincial amount is not sent out until Spring.
Are they accurate?
Not always – it is important that you review your assessment thoroughly to ensure the City has the most accurate information on file. The City assesses your property against similar homes in the area and any recent sales over the past three years. It is not uncommon to receive an assessment that is entirely OFF. We have seen assessed values come in ten and even hundreds of thousands too high or too low (not that you’d be complaining if it were too low).
What do I do if I disagree with the assessed value?
Suppose you believe your property value is higher or lower than the City’s assessment. In that case, getting a second opinion from a real estate professional is helpful. We would be happy to review your assessment with you and put together a Comprehensive Market Assessment outlining what we believe is your current market value.
Can I fight my assessment?
Absolutely, although you only have a limited window to do so. The City has a customer review period between January 5th and March 13th this year (2023), so if you plan to fight the assessment, you must act quickly! Call the City or visit www.Calgary.ca to learn more.
Are they accurate?
Not always – it is important that you review your assessment thoroughly to ensure the City has the most accurate information on file. The City assesses your property against similar homes in the area and any recent sales over the past three years. It is not uncommon to receive an assessment that is entirely OFF. We have seen assessed values come in ten and even hundreds of thousands too high or too low (not that you’d be complaining if it were too low).
What do I do if I disagree with the assessed value?
Suppose you believe your property value is higher or lower than the City’s assessment. In that case, getting a second opinion from a real estate professional is helpful. We would be happy to review your assessment with you and put together a Comprehensive Market Assessment outlining what we believe is your current market value.
Can I fight my assessment?
Absolutely, although you only have a limited window to do so. The City has a customer review period between January 5th and March 13th this year (2023), so if you plan to fight the assessment, you must act quickly! Call the City or visit www.Calgary.ca to learn more.
If your property assessment seems incorrect or confusing in any way, it is always helpful to get a second opinion from a real estate professional. Luckily, we know a few. Call us anytime!
LEARN MORE ABOUT PROPERTY TAX ASSESSMENTS
Have you ever heard "if your property tax assessment goes up, your taxes will increase, too!" This isn't always true.
There are so many myths surrounding property tax assessments, and we debunked the top ones here:
