Preparation of the 2021 Property Assessment Roll is underway at the City of Calgary and homeowners — residential and non-residential — are being encouraged by the City to keep up to date on the process.
City staff is reviewing real estate data collected from various sources, including Alberta Land Titles, and from property owners directly to determine market value assessments on more than 500,000 Calgary properties, which will determine property taxes next year.
“While the COVID-19 pandemic has created many challenges, we are working diligently to prepare the 2021 Assessment Roll,” said Eddie Lee, acting city assessor and director of assessment. “At the onset of the pandemic, real estate market conditions experienced a rapid transition into a state of uncertainty. Overall, the number of real estate transactions has significantly declined over the past several months. It is reasonable to expect market value decreases within certain property types in the 2021 assessments based on the legislated 2020 July 1 valuation date.”
Early analysis by the City shows the average residential property owner can expect values to decrease in 2021.
“The biggest change in values may occur within the non-residential class, where assessors are anticipating significant decreases for hotel properties as the tourism industry is one of the hardest sectors hit by COVID-19,” said Lee. “Preliminary analysis is also showing decreases in retail and office properties, whereas industrial properties are remaining relatively stable.Further analysis is required and in the coming months, the City will be collecting and reviewing more market data information and trends. More than 12,000 direct information requests have been sent to non-residential and multi-residential property owners and are awaiting their rental, vacancy, income and detailed sales transaction information. That information will be used to determine preliminary values, which will be shared this fall with owners.
“We also encourage property owners to go online at calgary.ca/assessment and update their property details to ensure the data used to determine assessment values remains current,” said Lee. “During the pre-roll consultation period, which occurs in the fall, City assessors exchange further data and trend information with non-residential and multi-residential property owners and/or their agents before final values are determined and assessment notices are mailed in 2021.”
Calgarians interested in knowing their 2021 property values are encouraged to keep up to date by:
• Taking a look at the real estate sales information around the July 1 valuation date. Consider looking at MLS house price listings to compare similar properties to yours.
• Logging on to Assessment Search, at calgary.ca/assessmentsearch , and review the real estate data on file at the City. The City offers market value real estate information such as the last three years of sales transactions for free to help Calgary property owners better understand property assessments. Access is easy — sign-up for a myID account and begin.
• Making sure the information the City has on your property is up to date, which you can conveniently access through your Assessment Search account.