2011 Property Assessments are out today

[Devil's Rule]

What a cash grab. Like someone said earlier, the city will be canceling the park and ride fees in exchange for higher property taxes.

[algernon]

Originally Posted by fotze

So the assesment was ~$800k eh? Thats all?

800K For a Boom-era S-box on the outskirts of Calgary? I wouldn't be happy, I'd be moving.

[pepper24]

Originally Posted by FlameOn

Woo 5% increase from last year... How can that be when houses are still struggling to sell lately... Taxes up again =(

Taxes are based on Jul 1, 2010 values where the market had a good first half of the year and is now struggling. If it was based on current market your assessment would likely be lower along with your taxes.

[GGG]

Originally Posted by Devil's Rule

What a cash grab. Like someone said earlier, the city will be canceling the park and ride fees in exchange for higher property taxes.

You do understand that this a revenue nutral process. The total amount of money the city collects doesn't change based on this process.

[Barnes]

Assessment up $20,000 but I pay $38.00 less then last year.

This kinda makes up for the the sod I will have to buy to replace the corner where the city plow plowed up my grass on Monday.

[fredr123]

Our assessment went up 8.5% and we're paying a little over $7.00 more this year.

[firebug]

Originally Posted by Barnes

Assessment up $20,000 but I pay $38.00 less then last year.

This kinda makes up for the the sod I will have to buy to replace the corner where the city plow plowed up my grass on Monday.

Originally Posted by fredr123

Our assessment went up 8.5% and we're paying a little over $7.00 more this year.

Just wait. This isn't your tax bill, it is a property assessment.

For a rough estimate, take the revised tax amount and multiply by 1.06 to get an idea of what you will be billed for this June.

[Ashartus]

Firebug is right. While the tax assessment you get in the mail shows how much you would be paying, it's a hypothetical number based on last year's tax rate, but doesn't account for the tax increase we'll all be getting.

[amorak]

Originally Posted by algernon

800K For a Boom-era S-box on the outskirts of Calgary? I wouldn't be happy, I'd be moving.

Jealousy is a good colour on you.

[amorak]

Originally Posted by fotze

So the assesment was ~$800k eh? Thats all?

I rounded up, its $36X. So well below $800K.

I bet yours is close to that to, or at least your mom's is

[Bring_Back_Shantz]

Originally Posted by Devil's Rule

What a cash grab. Like someone said earlier, the city will be canceling the park and ride fees in exchange for higher property taxes.

That is by FAR the dumbest use of "Cash Grab" I've ever heard.

You obviously have absolutely NO understanding of how property taxes actually get asssesed. And what the hell does the park and ride fee have to do with property taxes?

[Devil's Rule]

Originally Posted by GGG

You do understand that this a revenue nutral process. The total amount of money the city collects doesn't change based on this process.

http://www.investorwords.com/8338/revenue_neutral.html

http://www.google.ca/search?hl=en&bi...Q&ved=0CBUQkAE

Revenue Neutral as related to taxes is the biggest lie out there. According to definitions it states that governments will not have an increase in revenue via taxes however it would change in allocation, some taxes go up some go down, but the money brought in is the same.

So if that were true, why are we paying higher property taxes today versus 20, 30, ... years ago. I guess they forgot to mention the affects of inflation in there.

Just saying there has always been some sort of increase in taxes over the long haul, and I don't agree with Revenue Neutral terminology.

[Devil's Rule]

Originally Posted by Bring_Back_Shantz

That is by FAR the dumbest use of "Cash Grab" I've ever heard.

You obviously have absolutely NO understanding of how property taxes actually get asssesed. And what the hell does the park and ride fee have to do with property taxes?

Well park and ride fees will no longer be in effect later on this year, so the city needs to supplement that lost income with another revenue stream or an increase to existing fees or taxes, and if they fail to do so, services offered by the city start getting cut. Business 101 .

If you believe otherwise, that is your choice. Cheers!

[Bertuzzied]

My taxes are going up by almost $80/month. it's pretty ridiculous as the sales in my neighborhood are no where close to these assessments.

Anyone want to buy in Varsity Village? i'll give you $100k off the assessed rate.

[corporatejay]

There are two factors in property tax; (1) assessment; (2) millrate.

If assessments go down, the millrate goes up and vice versa. Look at millrates from 10 years ago, likely much higher.

[chemgear]

Originally Posted by Bertuzzied

My taxes are going up by almost $80/month. it's pretty ridiculous as the sales in my neighborhood are no where close to these assessments.

Anyone want to buy in Varsity Village? i'll give you $100k off the assessed rate.

Well, the be fair the assessments theoretically have a reference date as of July 1, 2010.

SFH Median prices at end of June 2010 - $418,900
SFH Median prices at end of December 2010 - $389,000

[Bring_Back_Shantz]

Originally Posted by Devil's Rule

Well park and ride fees will no longer be in effect later on this year, so the city needs to supplement that lost income with another revenue stream or an increase to existing fees or taxes, and if they fail to do so, services offered by the city start getting cut. Business 101 .

If you believe otherwise, that is your choice. Cheers!

Okay first of all, the park and ride fees are not at all certain to be axed.

Secondly we've seen yearly raises in property taxes every year regardless of park and ride fees. This year they are saying it'll be in the 4.5% range, which is supposed to be the lowest it's been in years. Moreover, Nenshi has already asked different departments to submit proposals for where they can cut their budgets. All of this is part of the greater budget of the city, saying that they are raising the assesments, so that they can pay to axe the park and ride fee, makes zero sense in so many ways. Perhaps you should have paid better attention in Business 101.

Finally, claiming that your assessment going up is a cash grab, shows a profound lack of understanding of how property taxes are calcualted. It is entirely possible that your assessment could go up, but that your property taxes go down, it's the mill rate that (that has yet to be set) that is the largest determining factor on how high your taxes go.

So again, talking about your assessment going up as justification to call a tax a "Cash Grab", is by far the dumbest use of "Cash Grab" I've ever heard.

[AFireInside]

Originally Posted by Bertuzzied

My taxes are going up by almost $80/month. it's pretty ridiculous as the sales in my neighborhood are no where close to these assessments.

Anyone want to buy in Varsity Village? i'll give you $100k off the assessed rate.

You do realize that assessments are calculated based on sales in your market area right? There must be some sales that high the number isn't made up.

[hixxes]

What the deuce? My assessment went up 100K. How is that possible?

[ken0042]

Originally Posted by AFireInside

You do realize that assessments are calculated based on sales in your market area right? There must be some sales that high the number isn't made up.

I wish I could share your optimism that a gov't body could not have possibly made a mistake. These assessments are based on condition as of 1 week ago; right? Seems odd that they can make 100's of thousands assessments in that time.

I've been watching prices in my neighbourhood; and in the past 18 months I've had cause to have two private assessments done. The private ones over a 14 month period showed a 3% drop; which matched with house sales in the neighbourhood. However my city assessment showed a 7.5% increase.

I'm not concerned as I know about what will happen with the eventual tax bill; but I can see people having an issue with what the city says their home is worth.