On January 4, 2023, the City of Calgary mailed more than 565,000 property assessment notices. The values reflect market value on July 1, 2022 and each property’s condition on December 31, 2022.
Calgary median assessed value, 2022 vs 2023
Key numbers
- The typical residential value rose 12%; single residential properties rose 13%.
- The median single residential assessment is $555,000, up from $485,000.
- The median condominium assessment is $255,000, up from $235,000. Townhouse condos rose 9% and apartment condos 6%.
- The total assessment roll is $351.7 billion, $38.2 billion more than last year.
What it means for your taxes
An assessment divides the tax burden; it does not set the tax bill by itself. Because single homes rose more than other properties, their share of tax goes up. The City estimated a 5.5% increase in the municipal tax for the median home. Final rates come after the provincial budget.
Check your notice: the free Customer Review Period runs until March 13, 2023. If the details or value look wrong, contact the City before then. Sellers can also use the assessment as one more reference point, although it lags the market by six months.
Why single homes rose more
The 2023 values reflect the market on July 1, 2022, close to the peak of last spring’s buying wave. Detached homes were in high demand during the pandemic, and buyers competed for low supply. That is why single residential values rose 13%, ahead of townhouse condos at 9% and apartment condos at 6%. Non-residential property rose only 2%, compared with 12% for the typical residential property.
How a higher assessment changes your tax bill
The City first decides how much revenue it needs, then divides that amount among properties based on their assessed values. If every home rose by the same percentage, the share of each home would stay the same. Because single homes rose more than the average, their share grows, and owners of condos and businesses carry a smaller part. The City’s estimate for the median single home is a 5.5% increase in the municipal portion of the tax. For the median condo, the estimate is almost flat, at 0.06%.
The provincial education tax is added on top, and its rate is set after the provincial budget. Final tax bills will be mailed in May 2023.
What to check on your notice
- Property details: size, year built, garage, basement development. Errors here can change the value.
- Comparable homes: the City’s online tools let you compare similar properties nearby.
- Timing: the free Customer Review Period ends on March 13. After that, the only route is a formal complaint.
Using the assessment when buying or selling
Buyers often ask whether a list price above the assessment is a bad sign. Not necessarily: the assessment is a mass appraisal based on a date six months in the past, and it does not see renovations or condition the way a buyer does. Since July 2022, rising rates have slowed the market, so some 2023 assessments may now sit above what a home would sell for, especially at the upper end. A recent sales comparison from your agent is a better guide to market value than the notice.
What the median tells you
The median is the middle value: half of single residential properties are assessed above $555,000 and half below. Your own change may be bigger or smaller depending on your community, the type of home and what changed on the property. A home that was renovated or had a garage added may see a larger increase than its neighbours.
If you still disagree after talking to the City during the review period, you can file a formal complaint with the Assessment Review Board. Keep notes of every contact, and gather recent sales of similar homes as evidence.
