On January 3, 2024, the City of Calgary mailed more than 580,000 property assessment notices. The values reflect market value on July 1, 2023 and each property’s condition on December 31, 2023.
Calgary median assessed value, 2023 vs 2024
Key numbers
- The typical residential value rose 10%; single residential homes rose 9%.
- The median single residential assessment is $610,000, up from $555,000.
- Residential condominiums rose 17%; the median is $295,000, up from $255,000.
- Non-residential values rose 3%; office values were unchanged and industrial rose 9%.
- The total assessment roll is $387 billion, up $35 billion.
What it means for your taxes
With the City’s budget changes and a 1% tax shift from non-residential to residential properties, the City estimates the municipal tax on the median home will rise by $15.47 per month, or 7.25%. Tax bills are mailed in May 2024.
Check your notice: the Customer Review Period runs until March 11, 2024. Condo owners in particular should check their value, since this segment saw the biggest change.
Why values rose
The City says most owners will see a higher value because of vigorous sales and market demand. Calgary’s housing market remained strong on July 1, 2023, the valuation date. Detached demand continued, with increased migration driving values up, especially in suburban communities. City Assessor Eddie Lee said the largest changes were in residential condominiums, a segment that has been very attractive because of strong demand for relatively affordable homes. New buyers entering or moving into Calgary’s market pushed typical condo values up 17%. Multi-residential properties rose a typical 4%. Among non-residential properties, industrial rose 9%, retail 2% and office was unchanged.
What it means for your tax bill
An assessment does not set your tax by itself. Each year, the tax responsibility is redistributed among properties based on how much each value changed compared with other properties in its class. If your value rose about as much as the typical home, your tax change will be close to the City’s average. If it rose more, your share of the tax grows.
For the median single residential home, the City estimates an increase of $15.47 per month, or 7.25%, in the 2024 municipal property tax. For the median condo, which rose from $255,000 to $295,000, the estimate is $7.48 per month, or 12.89%. These include council’s November budget decisions and the 1% shift of tax from non-residential to residential properties. The City says about 90% of revenue-neutral residential taxes will stay within 10% of last year’s tax.
Compared with the market
Assessments look back to July 2023. Since then, CREB data show prices kept rising: the total benchmark price was $564,700 in June 2023 and the apartment benchmark reached a record $321,400 by December. Condo owners saw the biggest market gains, so it is no surprise that condos also saw the biggest assessment increase.
Practical steps
- Check your property details on the City’s assessment search tool and compare with similar homes nearby.
- Ask questions early: the assessment team can be reached at 403-268-2888, Monday to Friday, 8 a.m. to 4:30 p.m.
- TIPP participants: January to June instalments were recalculated in December; July to December payments will be reviewed when bills are mailed in May.
- Sellers: an assessment is not a market appraisal; base your list price on recent sales, not on your notice.
How to raise a concern
The Customer Review Period is the time to check, compare and review your assessment for accuracy, fairness and equity. If you believe your value or property details are wrong, contact the City’s assessment team before March 11, 2024. Many questions can be settled at this stage without a formal complaint. Owners can also sign up for eNotice; more than 58,000 notices were sent electronically this year.
