Calgary's property assessments are rolling out: Here's how it'll impact you

Eddie Lee, the City of Calgary's Director of Assessment and Tax. (Omar Sherif/Daily Hive)

New year, new property taxes for Calgarians.

On Tuesday, the City of Calgary began rolling out its property tax assessment for 2024, mailing out more than 580,000 notices.

And there’s been an increase in the assessed value of properties in Calgary.

“The sustained year-over-year growth in residential market was primarily driven by a surge in net migration, causing an influx of new buyers to enter Calgary’s relatively affordable housing market,” said Eddie Lee, the director of assessment and tax for the City.

“With this increase in demand, new housing supply was not able to keep up, which caused property values to increase.”

With the notices being mailed out, the customer review period also kicks in and will run until March 11.

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The taxes are based on a July 1, 2023 valuation date and the property’s physical condition on December 31, 2023, and represent a residential property market value change of 10% over the previous year.

Before breaking down the numbers, let’s look at how people and their property types will be impacted differently.

Value changes by property type

According to the City, the highest property value changes are among residential condos. That property type has been appealing due to the relative and comparative affordability of the sector.

Residential condos are valued at a 17% increase than they were in 2023.

In comparison, single-residential homes are valued at 9% higher, and multi-residential homes at an increase of 4%.

“Calgary’s housing market remains strong with robust sales indicating continued strength and real estate market confidence throughout the city,” the City said in a statement.

“When property assessments arrive, most residents will notice that their property’s value has increased from last year due to vigorous sales and market demand.”

There are 553,983 taxable residential accounts in Calgary valued at a total of $293.1 billion.

Tax implications

So, what does the value of your home mean in terms of your taxes? It depends on what type of home you live in.

In 2024, the median assessed single residential home increased from $555,000 to $610,000.

That’ll result in an estimated increase of 7.25% or $15.47 per month for those types of homes.

The median assessed residential condo went up from $255,000 to $295,000, meaning there will be an estimated increase of 12.89% or $7.47 per month for those properties.

Following the release of the provincial budget, property tax rates are finalized, and tax bills are mailed in May.

Property taxes are due by June 28 of this year, and Calgarians have the opportunity between January 3 and March 11 to look over the assessments and file complaints during the customer review period.

To get an early estimate of your property tax bill, you can use the City’s property tax calculator.

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