Property assessment

[NinePack]

Just recieved my assessment and it went up 39% isnt that kinda steep? The taxes now are going up the same? anyone else had that kinda increase?

I havent made any improvements on the property at all.

[Deegee]

Taxes due is based on assessment multiplied by the mill rate.

A 39% increase in assessment doesn't mean taxes are necessarily going up by 39%.

[NinePack]

Feeling like a dummy, I have to do some mill rate research , thank you

[Geraldsh]

Assessment is based on your neighborhood as well as your property. If all your neighbors have upgraded or streets got paved etc, your home value is up.

[Jason14h]

But yes 39% seems crazy

[powderjunkie]

A bunch of similar homes in the area may have sold at higher prices

[accord1999]

Based on this Calgary Herald article mentioning that residential assessments are up 6% while office properties are down 10%, a 39% increase will result in noticeable increase in property tax.


https://calgaryherald.com/opinion/co...-for-solutions

[calgarygeologist]

You're richer than you think.

[Slava]

I had this happen to me a few years ago. Basically, the house was valued at quite a bit less (about 40% also), based on the tax assessment. Of course, when I bought, that was “corrected” and I ended up paying way more tax. My neighbours still kept their lower amounts. I’d have to look back and see the difference, but it was a significant hike.

[GGG]

Originally Posted by Deegee

Taxes due is based on assessment multiplied by the mill rate.

A 39% increase in assessment doesn't mean taxes are necessarily going up by 39%.

The average property went up by 6% so if this property went up by 39% it will like see about a 33% tax increase based on assessed value plus any yearly increase.

[calgarywinning]

Originally Posted by Deegee

Taxes due is based on assessment multiplied by the mill rate.

A 39% increase in assessment doesn't mean taxes are necessarily going up by 39%.

Everyones property would have to go up 39% for the mill rate to be the quoted increase which is roughly 5% residential and 10% commercial. In this case, his share (property increase) x (mill rate + 5%) increase is coming at him.

We are so lucky that we are back to the tax em' mentality and people are willing to accept the above increases. Nenshi had stopped this approach for two years, which was nice.

For the OP I'd recommend logging onto the city and getting values of about 10 similar places near you for comparison. Then call down to assessment (they may or may not talk to you) and ask if there has been a mistake. A long time ago they would make corrections without you having to go the review board.

As an additional note when a structure is sold, that price becomes the property value. So if you had 10 sales in your neighbourhood that were 39% higher that would do it.

[Nancy]

Originally Posted by NinePack

Just recieved my assessment and it went up 39% isnt that kinda steep? The taxes now are going up the same? anyone else had that kinda increase?

I havent made any improvements on the property at all.

I had this happen to me many years ago after we bought our first house. It was a new build and we built a cheap house in a more expensive neighborhood. The first few years, the assessment was basically what we paid plus some inflation. Then one year it was reassessed based on the average home price for the area, and it went up by 30-40%. Our home went from being assessed at 1/3 less than all the other homes on the block to being assessed at more than most of them.

If you set up an account to log into the city's system, it will give you the full property parameters (lot size, sqft, quality, etc.) which gives you some idea of what your value is based on.

[Deegee]

Originally Posted by calgarywinning

Everyones property would have to go up 39% for the mill rate to be the quoted increase which is roughly 5% residential and 10% commercial. In this case, his share (property increase) x (mill rate + 5%) increase is coming at him.

We are so lucky that we are back to the tax em' mentality and people are willing to accept the above increases. Nenshi had stopped this approach for two years, which was nice.

For the OP I'd recommend logging onto the city and getting values of about 10 similar places near you for comparison. Then call down to assessment (they may or may not talk to you) and ask if there has been a mistake. A long time ago they would make corrections without you having to go the review board.

As an additional note when a structure is sold, that price becomes the property value. So if you had 10 sales in your neighbourhood that were 39% higher that would do it.

Yeah, that's fair. I should have explained that the context matters a bit as you've outlined above.

No different then the posts last couple of years with regards to reduced assessments and people assuming taxes are going down, only to see taxes go up anyway.

[NinePack]

Thanks for the input , i went and checked up on the close properties and looks like they when up in similiar value. crazy. Small town acreage BC.

[Misterpants]

Glad someone is paying for the new arena. That's bananas though, 39% seems steep.

[tvp2003]

Originally Posted by NinePack

Thanks for the input , i went and checked up on the close properties and looks like they when up in similiar value. crazy. Small town acreage BC.

Wait, your property is in BC?

[Fighting Banana Slug]

My property is up about 6.5%. I guess that should be about average.

[malcolmk14]

3.9% up for ours. Maybe they missed the decimal point in yours?

[NinePack]

Yes its in BC, kootenays , and i had the double look lol as it didnt make sense.

[Fuzz]

Originally Posted by malcolmk14

3.9% up for ours. Maybe they missed the decimal point in yours?

"Small town acreage BC."


Totally different circumstances. Who knows. This is information you should provide in your first post, because obviously most people are going to assume Calgary.


You get a D- for posting etiquette. Not even in your avatar block.