Though the assessment for a typical single-family Calgary home dropped in 2019, most Calgarians will still see a tax increase on their 2020 tax bill.
More than 540,000 assessment notices have been sent out to Calgary property owners, and when all tallied up the value of the 2020 assessment roll is $301 billion – down $5 billion in value from 2019.
The median value of a single-family home in Calgary was pegged at $455,000 for 2020, compared with $475,000 in 2019. Condo values also dropped, with values slipping from $255,000 in 2019 to $245,000 in 2020.
Overall, home assessed values decline in Calgary
Overall, the typical residential assessment across Calgary reduced by four per cent.
“We have seen an overall decline in the residential market,” said city assessor, Nelson Karpa.
“While the decline in the residential market has been fairly consistent across the city, we also have observed that generally, higher valued homes have seen a higher level of market value decline in comparison to more moderately valued homes.”
Residents in Point McKay are the only ones that saw an increase in value of between five and 10 per cent compared with 2019. Residents in the Greenwood/Green Briar area of Calgary saw a decline in value of between 10 and 15 per cent.
Most of the city saw property values decline between zero and five per cent. Areas on Calgary’s west, north and eastern edges saw their property values increase between zero and five per cent.
Generally speaking, those properties that declined by the typical four per cent wouldn’t see a property tax increase in any given year.
However, with recent city council decisions to manage the city’s tax shift by transferring more of the overall property tax burden to residential homeowners, the roughly 7.25 per cent increase will be seen on most Calgary property tax bills.
“Those were because of budgetary decisions, not necessarily because of the redistribution costs of the assessment,” Karpa said.
Other tax assessment notes:
- Non-residential property assessments increased by two per cent compared with 2019.
- Ninety-six per cent of residential properties increased/decreased by plus or minus 10 per cent.
- By switching to eNotices, the City of Calgary saves roughly $2 per notice.
- Calgary’s much beleaguered office sector saw an increase in value of one per cent in 2019.