Date: Mon Jan 28 16:54:14 2002
Subject: 2001 Reassessment Figures Available
From: Bonnie Tucker

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             CITYBEAT - CITY OF CALGARY PRESS RELEASE
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CALGARY - New market value assessments have been prepared for
more than 335,000 Calgary properties and businesses.

The figures indicate that single residential market values
have increased, on average, 2.2% over 2001 values. That means
residential owners whose property assessment has increased by
less than 2.2% will experience a property tax decrease due to
the reassessment. Residential owners whose property
assessment has increased by more than 2.2% will see an
increase in the property tax due to the reassessment.  As
reassessments are based on the principle of revenue
neutrality, the City generates no new revenues through the
process of updating market values for assessment purposes. 
In May, City Council will establish 2002 property tax rates.


The market reports also show:
- 90% of single residential properties see a property tax
decrease or increase of no more than 5% due to the
reassessment

- 57% of non-residential properties will see a property tax
decrease or increase of no more than 5% due to the
reassessment

- the typical residential assessment is $168,000, up from
$165,000 in 2001

- 73% of all businesses in the city will see a business tax
decrease or increase of no more than 10% due to the
reassessment

In accordance with Provincial legislation, reassessments are
done on an annual basis. 
Annual assessments provide homeowners with a measure of what
properties were worth on the open real estate market as of
July 1, 2001.  The annual reassessment cycle ensures people
pay their fair share of property taxes.

"The benefits of an annual reassessment cycle are that
changes in assessment have a smaller tax impact and fairness
and equity are maintained because assessments are kept
current with the market," said City Assessor Ian McClung. 
"Market value assessments are easily understood by property
owners."

Key Dates - Property Assessment
Feb. 1 - notices mailed 

Feb. 1 to Mar. 4 - review period
Property owners have until Mar. 4 to review their 2002
assessment and speak with 
Assessment staff or file a formal complaint if they are not
satisfied with the explanation provided. Complaints and
filing fees must go to the Assessment Review Board.

March 4 - last date of complaint

May/June - property tax notices will be mailed at the end of
May with property taxes due at the end of June.


Key Dates - Business assessments
Jan. 25 - Business assessment notices and business tax bills
were mailed 

Jan. 25 - Feb. 25 - review period 
Business owners have until February 25 to review their
notices, speak with Assessment staff and file a formal
complaint if they are not satisfied with the explanation
provided.

March 28 - business taxes are due


The City is encouraging business and property owners who have
questions regarding their assessments to call 234-7480 during
their respective review periods.

Assessments on all Calgary properties can be viewed on The
City of Calgary web site commencing February 1 at 8:30 a.m.
at www.gov.calgary.ab.ca.

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Public Contact Information:

Lisa Rushka	
Communications Co-ordinator	
Assessment	
The City of Calgary	
403.268.4622
lisa.rushka@gov.calgary.ab.ca

Public Email Contact: 

    lisa.rushka@gov.calgary.ab.ca

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