Calgary property assessments are out, average home up $55K in 2024

‘Tis the season.

By mid-Wednesday morning, more than 580,000 Calgary property owners will begin receiving their 2024 Property Assessment Notice, the city says.

Mayor Jyoti Gondek tells CityNews that assessment time can be a double-edged sword.

“Remember that sometimes the toughest thing is knowing that the investment you made in your home was a smart one, because the value of your property has gone up, but it does also mean your property taxes will increase,” she explained. “So it’s a formula that’s based on market conditions, it’s not randomly set by the City of Calgary, it’s definitely dependent on the market an the market right now is pretty strong.”

Gondek says she understands there is a lot of pressure on the market right now, and that fixing the supply throughout this year will balance things out more in the years ahead.

---

Read more: City council approves 7.8% tax increase for Calgary homeowners

---

“With the federal government stepping up and understanding that they’ve been looking at housing in isolation, and they need to do more with supporting people who are in positions of vulnerability and with our provincial partners understanding that we need to do more for those who are most vulnerable, we may be able to get to a place where we are serving Canadians better and the City of Calgary is always an active partner in doing so,” Gondek said.

This comes as council voted 9-6 to approve budget adjustments in 2024, which included a 7.8 per cent property tax increase.

While property owners will know the worth of their home or condo in the days to come, exact tax amounts won’t be known until May, the city says.

“I would say the biggest thing that people need to remember is the assessed value of their home is one of the biggest indicators of how much property tax they will pay,” Gondek said. “The other component is the mill rate that the city sets, so that’s the actual property tax rate and that is something that can change each year, depending on the situation.”

The 2024 property assessment values are based on a July 1, 2023, market valuation date and the property’s physical condition on Dec. 31, 2023.

Calgary’s Assessment Roll is up $35 billion over last year, according to the city, to $387 billion.

Typical residential properties have seen an increase of 10 per cent on average, while non-residential properties went up three per cent.

The average assessment for a home in Calgary for 2024 is $610,000, the city said Wednesday, compared to $555,000 last year.

With changes to the city budget and the tax shift of one per cent from non-residential to residential, owners will see an increase of approximately $15 per month or 7.25 per cent of the 2023 municipal property tax.

Condo valuations also went up, with the average unit ringing in at $295,000, up $40,000 from 2023.

With that, owners will see an an increase of around $7 per month, or 12.89 per per cent of the municipal property tax.

Owners have until March 11 to file a complaint with the Assessment Review Board if they want to dispute their valuation.

Following the release of the provincial budget in the spring, city council will approve the Property Tax Bylaw.

The city says property tax bills for 2024 will be mailed in May, ahead of the due date on June 28.