Date: Fri Jan 4 15:11:04 2008 Subject: UPDATE: Calgarians Receive Their 2008 Assessment Notices From: Citynewsroom -----BEGIN MD5 ----------------------------------- ----------------------------------------------------------------- CITYBEAT - CITY OF CALGARY PRESS RELEASE ----------------------------------------------------------------- UPDATE: Please note that The City is currently experiencing technical difficulties with viewing property assessment information on calgary.ca. Property owners are encouraged to check the website for further updates. Visitors to calgary.ca/assessment will be able to view their assessed values once the problem is resolved. CALGARY - In keeping with the Alberta Municipal Government Act, The City of Calgary today mailed annual market value property and business assessment notices for 2008. Of those assessment notices, approximately 413,000 were for Calgary properties and 25,000 were for Calgary businesses. The 2008 Assessment Market Report, also released today, indicates the total value of Calgary's property assessment base is $242 billion, an increase of $58 billion over 2007 and business assessment base is $2.6 billion an increase of $300 million over 2007. The 2008 annual property assessments reflect the market value of property as of July 1, 2007 and include any physical changes that have occurred up to December 31, 2007. Overall, 83 per cent of residential properties will see a change in their taxes (within plus or minus 10 per cent) due to this year’s assessment only. Approximately 46 per cent of residential properties will see a decrease in their taxes due to the assessment, while about 54 per cent will see an increase in their taxes due to the assessment only. Annual property assessments are based on the principle of revenue neutrality. That means The City generates no additional revenues when updating market values. In May, City Council will determine what additional funds are needed to support the City’s growth and establish the 2008 property tax rates. When the tax rate is multiplied by a property's assessed value, the 2008 property taxes are determined. Other information from the Market Report indicates the 2008 median residential assessment (excluding condominiums) has risen to $447,000 compared to $361,000 in 2007. The 2008 median residential condominium assessment is $291,500 compared to $225,000 in 2007. Most residential assessments increased across the city with larger than average increases being seen for historically lower-valued properties. "The 2008 Assessment reflects a continued increase in Calgary property values although at a slower rate than 2007 assessment”, said Ian McClung, Calgary's City Assessor. “The dramatic growth in real estate seen in 2006 continued into early 2007 with prices stabilizing in the latter half of the year. The stabilizing of real estate prices after July 1, 2007 will be reflected in next year’s assessment,” said McClung. As a result of the 2008 property assessment, Calgary’s average single residential market value increase is 25% (compared to a 43% increase in 2007). Assessments that rose by a greater percentage than the 25% average can expect to see a tax increase. Those that went up less than the 25% average can anticipate a tax decrease (based on the 2008 assessment only and before City Council establish the final 2008 tax rate). Residential market increases occurred throughout the city although communities with a large inventory of affordable housing have experienced the greatest growth. Non-residential property values increase on average 28% compared to 43% in 2007 and 49% of non-residential properties’ taxes will change within a range of ± 10% as a result of the 2008 assessment "Our responsibility is to put realistic, impartial and equitable value on Calgary properties, while being fair and respectful of the people who own the properties”, said McClung. “The Market Value Assessment system, when applied uniformly, is the most fair, equitable and transparent way to assess properties for property tax purposes.” All persons receiving a notice are encouraged to review their assessment as it will be used to calculate their share of property or business taxes. Taxpayers with questions about the assessed value established for their property or business any of the other information shown on their assessment notice can visit www.calgary.ca/assessment or contact The City by calling the Assessment Call Centre at 268-2888. However, in order for changes to be made for the 2008 year, an inquiry must be made within 30 days of the mailing of the notice. The assessment can only be corrected within those 30 days. Any property or business owner with questions or concerns about their 2008 assessment is encourage to discuss their issues with an area assessor during the Assessment Review Period, January 4 to February 4, 2008. Should a property or business owner still disagree with the assessment after reviewing it with an assessor, they have until February 4, 2008 to file their formal complaint and pay the filing fee with the Assessment Review Board. As last year, the business assessment notice is being mailed separately from the 2008 business tax bill. Business owners can expect to receive their business tax bill shortly after their business assessment notice. Similar to how property taxes are established, the business tax rate is determined on a revenue neutral basis. Key 2008 dates: January 4: Notices mailed January 4 – February 4: Assessment Review Period (only time for required changes to be processed for 2008) February 4: Last date to file a complaint -30- Public Contact Information: Customer Service Centre Phone: 268-2888 calgary.ca/assessment Public Email Contact: 3-1-1contactus@calgary.ca -----END MD5 79634510074c165174fa5cec4353c8cd-----