Ward 11 Alderman Brian Pincott | City of Calgary Office of the Aldermen

Property assessments were mailed out this week. By now, everyone should have received theirs. It is with some consternation that I saw that a handful of Ward 11 communities bucked the "trend" of decreasing assessed property values and actually increased in assessed value over the past year. I had a meeting with the Assessment department to understand what this all meant.

First off, your assessment is not your tax bill. We have a revenue neutral system which adjusts our taxes so that across the City as a whole the amount of revenue to the City stays the same. There is a section on your assessment that describes that adjustment. Your tax bill will come out in the spring when Council sets the mill rate.

Your assessment is based on your property value on July 1st of 2008. Since the date properties were assessed the real estate market has obviously changed. When comparing market value between July 2007 and July 2008, it is important to note that the value as of July 2007 was not at the peak of house values, and that July 2008 is not at the bottom of the curve. This means that in some cases, many cases in Ward 11, values as of July 2008 are higher than in 2007.

This year, established inner city neighbourhoods in Calgary generally held their value better than newer communities, further out. Last year, suburban neighborhoods generally saw higher increases than established communities. This is consistent with a general pattern where new communities are the first to increase in value and the first to decrease in value with changing housing markets. Ward 11 communities have generally held their value longer than many other communities in Calgary.

Preparing assessments for properties and businesses across the City does take some time, hence the lag between when market value is assessed and when you receive your assessments. Thus, if the market moves downward from the point in time when the valuation was done your Assessment is generally higher than today's market value, and vice versa; when the market moves upwards from the time value is evaluated then your Assessment is generally lower than today's market value.

If people are concerned about their assessment I heartily encourage people to get in touch with the assessment office. Speak to your assessor; find out what parameters applied for your assessment. Ask how exactly your property value was assessed. If it is wrong, Assessment can fix it right then and there, without your having to go through an appeal process.

As well, please check out all the information on the City of Calgary website. They have information there on how assessments are reached. This year, for the first time, they have sales data for each community in Calgary, so that you can see what homes sold for in your area.

The City of Calgary website at www.calgary.ca/assessment or call the assessment office at 403-268-2888