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

[Ironhorse]

Originally Posted by Wookie

It's July 2008 through July 2009 sales data and the condition of your house on December 21st 2009.

How would they know? My neighbour's (similar) house is an unmaintained POS with an eyesore of an abandoned combination backyard/mudpit, and it's valued higher than mine. Did I forget to shovel snow that day or something?

[Resolute 14]

Mine went down about $40k. I was figuring this would result in a relative decrease in taxes (not accounting for the tax rate hike), but after reading some of your numbers, my taxes are probably going up instead, lol.

[Ashartus]

Originally Posted by Tolwyn

Looks like my property taxes go down for another year in a row.

Just because your assessment goes down doesn't mean your taxes go down; they only go down if your assessment drops more than the average (and even then that's not accounting for the tax hike). Taxes are calculated based on the total amount of tax the city is collecting times the value of your house divided by the total value of all properties in the city, not as a certain percentage of the value of your house.

For some reason my house is assessed as $55,000 higher than my next-door neighbour, despite them having the same model of house and a larger lot (my basement is developed, but I can't see that being worth $55,000).

[Bertuzzied]

Mine dropped $120k. Not as bad as my next door neighbor. His dropped close to $300k from last year.

[albertGQ]

Mine dropped $30,500. That means my house is significantly smaller then every poster in this thread

[Wookie]

Originally Posted by albertGQ

Mine dropped $30,500. That means my house is significantly smaller then every poster in this thread

Not necessarily. There might not have been a lot of sales in the area, during the boom to create that high price level to come down from, or not a lot of sales in the credit crunch period to create that lower value that represented the crunch period.

Plenty of reasons.

Mine went down 15% approx. it's a 1400 sf townhouse that I paid
$340 for.

[cmyden]

http://calgaryrealestatereview.com/2...-begins-today/

Wondering how the newly released assessments compare with prices of homes sold so far this month?
Ogden
Sold Price: $235,000
Assessed: $251,000
Dover
Sold Price: $238,000
Assessed: $276,000
Collingwood:
Sold Price: $265,000
Assessed: $272,000
Capital Hill
Sold Price: $300,000
Assessed: $267,000
Whitehorn
Sold Price: $304,000
Assessed: $288,500
Coventry Hills
Sold Price: $325,000
Assessed: $308,000
Taradale
Sold Price: $335,200
Assessed: $310,000
Marlborough
Sold Price: $336,500
Assessed: $308,500
Shawnessy
Sold Price: $380,000
Assessed: $364,000
Brentwood
Sold Price: $425,000
Assessed: $422,500
Royal Oak
Sold Price: $622,500
Assessed: $535,500
Signal Hill
Sold Price: $745,000
Assessed: $733,500
Altadore:
Sold Price: $830,000
Assessed: $272,500
Reason: Infill
As you can see, city assessed values do not reflect up-to-date market conditions and can’t be relied on to set current market value (Assessment is an estimate as of July 1, 2009)

Here's the numbers that really mean something if you're wondering about the current market value of your home....


If you bought in January 2006 or earlier you are up ~38% to over 100%

If you bought in July 2006 you are up ~7%


If you bought in January 2007 you are up ~5%

If you bought in July 2007 you are down ~8%


If you bought in January 2008 you are down ~2%

If you bought in July 2008 you are down ~2%


If you bought in January 2009 you are up ~7%

If you bought in July 2009 you are up ~3%

cM

[Incinerator]

You guys should stop freaking out on these numbers, city assessment means nothing today. If you want to know for sure how much your home is worth, get an appraisal.

[Eric Vail]

Originally Posted by Ashartus

Just because your assessment goes down doesn't mean your taxes go down; they only go down if your assessment drops more than the average (and even then that's not accounting for the tax hike). Taxes are calculated based on the total amount of tax the city is collecting times the value of your house divided by the total value of all properties in the city, not as a certain percentage of the value of your house.

For some reason my house is assessed as $55,000 higher than my next-door neighbour, despite them having the same model of house and a larger lot (my basement is developed, but I can't see that being worth $55,000).

My assessed value went down 11%, but the average decrease was 13%, so I can expect a small increase.

[nik-]

Mine went down 22% ... @_@

So I sure as hell hope I see a decrease.

[yads]

Assessments are not the same as property taxes. Just because your assessment went down does not mean your property tax will go down. For your property taxes to go down you would need to have gone down more than the average assessment. Mine went down 14%.

[malcolmk14]

The average drop was 13%, so if yours dropped more than 13% you'll see a decrease in property taxes.

[malcolmk14]

Right, forgot about the tax increase.

[Bill Bumface]

Originally Posted by malcolmk14

The average drop was 13%, so if yours dropped more than 13% you'll see a decrease in property taxes.

So basically I'm screwed as I seem to be the only person in this city who's assessment went up?

[Dan02]

Originally Posted by hulkrogan

So basically I'm screwed as I seem to be the only person in this city who's assessment went up?

Better keep the lube handy cause the tax mans a comin.

[MacDaddy77]

If you want to know what your 2009 assessment was you can call the City of Calgary assessment department at 403-268-2888.

If they tell you that records management are in charge of it they are lieing!!!

Mine went down 15%

[Knut]

Mine went down 22% ... Sucks for it being on the market to sell... good for property taxes though.

[mykalberta]

According to the City my condo (Crescent Heights) went down. Not sure of the % but the assesed value is approx 90K lower than what a lesser unit in my building just sold for 3 months ago.

[Incinerator]

Originally Posted by Hesla

Mine went down 22% ... Sucks for it being on the market to sell... good for property taxes though.

This is not directed specifically at you Hesla but I find this to be representative of the general sentiment...

So to clarify again, your assessment have no correlation to your home's current market value. However, you are right in that it will lower your taxes a little bit since your assessment went down more than the average.

[Wookie]

Originally Posted by Incinerator

This is not directed specifically at you Hesla but I find this to be representative of the general sentiment...

So to clarify again, your assessment have no correlation to your home's current market value.

I'm about to list a place that was 405,000 last year, and now 357,500, recently places have sold between 435,000 and 390,000. Was going to list for 405,000.

The 357,500 number isn't going to help.