Property values jump 25% in city tax assessment

Numbers are on the rise in the city's 2008 property assessment, which Calgarians will begin receiving in the mail next week, but that doesn't necessarily mean tax increases.

The average house in Calgary is now worth $447,500, a jump of 25 per cent over last year, a sign of the city's booming economy and desirability, city officials said Friday.

The average value of a condo is $291,500 compared to $225,000 in 2007.

The city mailed out 413,000 residential and 25,000 business assessment notices Friday, a month earlier than usual, to give people more time to go through the values on which their taxes are based.

Calgarians have until Feb. 4 to contest their assessment.

The survey shows the number of homes worth $1 million now sits at 8,146 — almost 10 times more than the 815 that there was three years ago.

There are also two non-residential properties in Calgary assessed at more than $1 billion but city officials would not disclose their owners.

About 83 per cent of Calgary homeowners will see a tax adjustment of between -10 and +10 per cent.

The southwest communities of Eagle Ridge and Roxboro were the only areas where homes are worth 50 per cent more than last year.

The city calculates taxes based on revenue neutrality, which means homes assessed higher than the average increase of 25 per cent can expect a jump in taxes, while those assessed lower can anticipate lower levies.

The January assessment gives people an idea of their tax bill, but does not yet include any mill rate increase that may be passed by city council.

Council has approved a 4.5 per cent property tax increase for 2008 as part of its three-year budget cycle, but that won't be finalized until April. Final tax bills are mailed out in May.

The city's website experienced technical problems all day in displaying property assessment information, but officials said those were fixed by Friday evening.