Calgary Property Taxes... so is yours up or down?

[Incinerator]

I should also mention the title of this thread is hugely misleading...tax bills are not out yet, what we got was simply assessment notices.

[VladtheImpaler]

Originally Posted by La Flames Fan

Yeah I wouldn't read too much into your value and how it will affect your actual notices when they come.

The big factor is the mill rates.

Value of Assessment x Mill Rate = Property Tax

Mill rates fluctuate every year...your home assessment could go down $80,000 but if the mill rate rises 10% you'll see no difference in property taxes.

Yes, my mill rate went up by more than 10%... I do not know the arcana of this - can someone in the know explain the justification?

[Incinerator]

Originally Posted by VladtheImpaler

Yes, my mill rate went up by more than 10%... I do not know the arcana of this - can someone in the know explain the justification?

That's not possible, the 2010 tax rate has not been published yet.

Originally Posted by City of Calgary

(Your Assessment Notice) also provides you with a calculation of your estimated current year's taxes based on the current year's assessment. This estimate is provided to illustrate whether your taxes may increase or decrease as a result of the reassessment. The estimated tax amount does not include any budgetary increases that may be applicable for the current year.

Your tax bill, showing the actual amount payable, is mailed in May after municipal and provincial requirements are determined and Council sets the property tax rate.

[Rerun]

It'll be interesting to see what my house in Okotoks is assessed at. Right now, Okotoks has only published the July 2008 assessment values. In July 2008 my house was assessed at $558,000. On July 2009 I purchased it for $440,000 (took possession the first week of August), which is 21% below the last assessed value.

I wonder if my July 2009 assessment will be in line with the purchase price. Hope so. Even with a 5% increase in the mill rate, if the 2009 assessment is in line with the purchase price, my property taxes should drop this year by at least 15% (hopefully).

[Peanut]

Assesment - down $77k

Annual payment - down by about $110.

[Bill Bumface]

I made a phone appointment to figure why mine went up so much. Apparently those sly s watch MLS and noticed when I bought my house last spring that the previous owners had extensively renovated it. Another reason assessments mean nothing when you are buying/selling.

My "revenue neutral" taxes are up at least $500/year. Can't wait to see how much more gets added on for this year...

[ken0042]

Originally Posted by hulkrogan

Apparently those sly s watch MLS and noticed when I bought my house last spring that the previous owners had extensively renovated it. Another reason assessments mean nothing when you are buying/selling.

I was under the impression that they base part of the assessment on completed building permits. Maybe they had the previous owner's permits on file.

[Bill Bumface]

Originally Posted by ken0042

I was under the impression that they base part of the assessment on completed building permits. Maybe they had the previous owner's permits on file.

Nope, word for word out of the guys mouth at the city "We examined the MLS listing last summer and took note of the sale price as well as the 16 photos available in the listing and the description mentioning hardwood floors and a remodeled kitchen with granite".

[DrPepper]

Mine was down. I actually had to pay for 1 measly tax form all because my previous employer gave me one that was outdated.

[Knalus]

I just bought my house this last November. My assessment changed significantly from last years, and has dropped.

My assessment was only $4,500 more than what I bought the place for. I'd say that was pretty spot on.

[La Flames Fan]

Originally Posted by VladtheImpaler

Yes, my mill rate went up by more than 10%... I do not know the arcana of this - can someone in the know explain the justification?

Sadly, Property Tax is kind of a rogue tax, without much in terms of guidelines etc...

Essentially, if the city has a shortfall or wants to construct something - they can raise the mill rate any ol' time they like.

The R.M. of Wood Buffalo, for instance, went back and forth on how much they were going to raise their property tax rates...10%, 20%, 25%...it was almost like firing a shot off in the dark and seeing what you shot.

[Bertuzzied]

Originally Posted by Rerun

It'll be interesting to see what my house in Okotoks is assessed at. Right now, Okotoks has only published the July 2008 assessment values. In July 2008 my house was assessed at $558,000. On July 2009 I purchased it for $440,000 (took possession the first week of August), which is 21% below the last assessed value.

I wonder if my July 2009 assessment will be in line with the purchase price. Hope so. Even with a 5% increase in the mill rate, if the 2009 assessment is in line with the purchase price, my property taxes should drop this year by at least 15% (hopefully).

So you got $118,000 off the assessed price on your house and you were pissed some guy low balled you $3000 on your RAV 4? hehehe