Topline information:
Most Calgary neighbourhoods saw decline in property values in 2020, as the city mailed out half-a-million property value assessments Thursday.
Details you need to know:
- The typical residential property value declined two per cent, the city said. The typical non-residential property dropped in value by six per cent.
- The 2021 median single residential assessment is $445,000, compared to $455,000 in 2020. For condos, the assessment is $235,000, compared to $245,000 in 2020.
- All assessments are done based on a July 2020 market value.
- Only two neighbourhoods – Spruce Cliff and Greenwood saw a decline in values of between five and 10 per cent.
- Neighbourhoods along 16 Avenue NW will pay substantially more property tax as their values remained steady or increased up to five per cent.
- Ramsay, Inglewood, Elbow Park and other neighbourhoods in southwest Calgary also saw property values increase. SEE MAP BELOW
- 32,000 properties were inspected for hail damage from the June 2020 hailstorm; 7,500 still have damage
What this means
The tax assessment means that if your residential property value declined by two per cent, you will theoretically have no change to your City of Calgary property tax this year.
If it declined by more than two per cent, you will pay less property tax. If it declined between zero and two per cent, or if it gained in value, you will see an increase relative to how far you are away from the typical market value change.
The same goes for non-residential properties.
There’s more background in this 2020 story (be careful, the values are NOT the same).
Quotables:
- “Well, the good news is those lower property values will result in lower property taxes. And so, in one weird way this assessment taxation system that I dislike so much is actually doing what it’s supposed to do, which is recognizing if people are having that kind of hardship,” Mayor Nenshi said when asked about the substantial drop in property values in the northeast.
- “Calgary’s real estate market, as of July 1, 2020, reflected a slight and consistent decline in the majority of residential properties,” Eddie Lee, acting city assessor
Further Reading:
Property tax relief for northeast Calgary residents affected by June Hailstorm (Nov. 4, 2020)
For more information on how your assessment is done, visit the City of Calgary
