Last week, the City of Calgary released their 2018 property assessment report, showing that residential property values are up in our city from last year.
The average residential house value in Calgary is assessed at $480,000, up from $460,000 in 2017. However, many southwest communities saw among the biggest jumps this year.
Higher property assessments also mean higher property taxes, and tax bills are already in the mail (if you haven't received yours for 2018 yet). While an increase in property tax can hurt, it's good news for real estate resale value.
Under Calgary’s revenue-neutral system, whether residential property taxes go up or down depends on how the change in assessed value compares with the citywide figures — a 2018 property assessment that rose more than two per cent, for example, will see a homeowner’s taxes go up. [Calgary Herald]
Reportedly, no communities will see sharp spikes in taxes, but the communities with the biggest increases for 2018 include southwest neighbourhoods: Scarboro, Roxboro and Rosscarrock.
According to the City of Calgary, the top assessed properties were found in the following communities (all in the southwest quadrant):
- Pump Hill: assessed at $18,720,000
- Upper Mount Royal: assessed at $12,530,000
- Mission: assessed at $10,650,000
- Aspen Woods: assessed at $9,990,000
- Beltline: assessed at $9,710,000
Everything you need to know about property taxes and the 2018 notices of assessment, can be found on the City of Calgary website.