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Monday, February 15, 2016 - Making Sense of your Property Tax Assessment

You should have already have received your City of Calgary 2016 Annual Assessment Notices by now. This is the assessed value of your property, which substantiates how much tax you have to pay on it. Simply speaking, the assessment places a dollar value on your home for tax reasons.

It is not possible for the City of Calgary to physically appraise each house, so assessments are based on the fair market value of the property.  A number of key factors such as age, size, layout, traffic noise, proximity to establishments like schools, parks, restaurants, etc. help determine the assessment amount.

Your property assessment should manifest the overall market of the previous year; for example, the assessed value of your property will most likely decrease if houses in your neighbourhood didn't sell as well as they did the year before. Alternatively, the assessed value of your property may increase if either renovations or upgrade has been done on your house.

With the use of your access code from your Assessment Notice, you may review a full report of your assessment here.

Following the mailing date of the Assessment Notices on January 05, 2016, a Customer Review Period is held until March 7th, 2016 when you can arrange to speak with an assessor concerning any disagreement you may have with the assessed value of your property.

However, if you still disagree with the assessed value, you may file a complaint with the Assessment Review Board. The formal complaint must be filed prior to the deadline on March 07, 2016 in order for the Board to review your case. Regardless if a formal complaint has been filed, you still need to pay your taxes on time or you'll be penalized.

Property tax bills are mailed out May 27th and are due June 30th. The City allows you to pay in multiple ways; in person, online banking, credit card or cheque. If you don't want to have the financial burden of paying all at once, you can set up a Tax Instalment Payment Plan (TIPP), which allows you to pay monthly. You can request an application to join TIPP here.

posted in General at Mon, 15 Feb 2016 08:54:03 -0700

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