The City of Calgary mailed more than 580,000 annual 2024 property assessment notices and opened the Customer Review Period, which runs until March 11, 2024.
2024 Assessment Roll
The 2024 property assessment values are based on a July 1, 2023 market valuation date and the property’s physical condition on Dec. 31, 2023. The total value of the 2024 Assessment Roll is $387 billion, an increase of $35 billion from last year. Overall, the typical residential property market value change is a 10 per cent increase over the previous year, while the typical non-residential market value change is three per cent. The 2024 median single residential assessment is $610,000, compared to $555,000 in 2023. The 2024 median residential condominium assessment is $295,000 compared to $255,000 in 2023.
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. Calgary’s housing market remains strong with robust sales indicating continued strength and real estate market confidence throughout the city.
“Where we’ve noticed the highest property value changes are among residential condominiums, “says Eddie Lee, City Assessor/Director of Assessment & Tax. “This segment has been very attractive due to strong demand for the relatively affordable condo sector.”
For more key findings about the 2024 Assessment Roll, please see below.
2024 Customer Review Period
The Customer Review Period is an important time for property owners to check, compare, and review their assessment for accuracy, fairness, and equity. To do so, property owners are encouraged to take the time to visit calgary.ca/assessment to access our secure online Assessment Search tool to review their residential property details and property market trends report; compare their property with other similar properties; sign-up for eNotice and enter the Go Paperless Contest.
“The Customer Review Period is one of our top priorities,” says Lee. “During this time, our team is fully dedicated to answering questions residents and businesses might have about their assessment value and notice.”
Go Paperless Contest
We are running the Go Paperless Contest again to save trees, save time and save tax dollars. Contest dates are from Jan. 3 to March 31. There are four prizes, each consisting of a $250 Visa gift card. The contest is open to Alberta residents over the age of 18, and subject to the full contest rules available at calgary.ca/gopaperless.
Assessment Changes’ and Budgeted Tax Implications
Annual property assessments are integral to The City’s tax process. Knowing how property assessments work and how they are prepared can help property owners anticipate their tax responsibility, well before tax bills are mailed in May 2024.
Through the annual assessment process, tax responsibility is re-distributed among properties based on the extent to which values change relative to other properties in their assessment class. This year, the median assessed single residential home increased from $555,000 in 2023 to $610,000 in 2024. With The City budgetary changes and the 1 per cent tax shift from non-residential to residential properties, this will result in an estimated increase of $15.47 per month or 7.25 per cent to the 2024 municipal property. The minor change from the estimated $16 per month increase in November is a result of finalizing the assessment roll.
The median assessed residential condominium increased from $255,000 in 2023 to $295,000 in 2024. With The City budgetary changes and the 1 per cent tax shift from non- residential to residential properties, this will result in an estimated increase of $7.48 per month or 12.89 per cent to the 2024 municipal property tax.
The typical assessment change for residential properties is 10 per cent The year-over-year single residential properties change is nine per cent, residential condominiums are 17 per cent, and multi-residential is 14 per cent. The typical assessment change for non-residential is three per cent with industrial properties at nine per cent, retail at two per cent and office at zero per cent.
It is important to note that each property’s tax change will vary. To get an early estimate of your property tax bill, please use the property tax calculator.
Tax Instalment Payment Plan (TIPP) January to June payments
TIPP participants received a recalculation letter December 2023, forecasting their 2024 January to June monthly tax instalments. These payments include Council’s November budget decisions of 7.8 per cent property tax increase for homeowners and 3.5 per cent for businesses. When the 2024 property tax bill is mailed in May, July to December instalments are reviewed again to ensure participants pay no more or less than their annual tax bill. At that time property assessment changes will be included as well as any other tax adjustments necessary. TIPP participant’s property tax bill amount is paid in full after the Dec. 1 instalment in 2024.
Property owners who have questions about their property assessment can speak to our team directly at 403-268-2888. Hours are Monday to Friday 8 a.m. to 4:30 p.m.
2024 Property Assessment Roll Key Findings
• In 2024, The City of Calgary mailed approximately 580,000 Assessment Notices, including more than 58,000 Assessment eNotices, to Calgary property owners.
• The total value of the 2024 Assessment Roll is $387 billion, an increase of $35 billion in value from last year.
• The typical market value assessment change between this year and last year is 10 per cent for residential properties and three per cent for non-residential properties.
• The 2024 median single residential assessment (excluding condominiums) is $610,000 compared to $555,000 in 2023.
• The 2024 median residential condominium assessment is $295,000 compared to $255,000 in 2023.
• Approximately 90 per cent of revenue neutral taxes from residential properties will stay within 10 per cent of last year’s tax.
o Overall, residential properties increased by 10 per cent.
o Single residential homeowners experienced value increases of nine per cent from last year. Detached home demand continues with increased migration driving property values especially in suburban communities.
o Residential condominiums experienced a 17 per cent increase as new buyers entered or moved into Calgary’s real estate market.
o The multi-residential market experienced a typical increase of 14 per cent.
o Approximately 80 per cent of non-residential properties’ revenue neutral taxes will stay within 10 per cent of last year’s tax.
o Overall, non-residential properties increased by three per cent.
o Industrial property values increased by nine per cent, which demonstrates the reliability and vitality of this property type. Industrial properties continue to outpace the other non-residential properties due to the sustained demand as Calgary remains a major distribution hub.
o Office properties values had a zero per cent market value change. Calgary’s Downtown office market, the main driver of the office inventory, continues to be stable.
o Retail property values increase by two per cent and continue to exhibit vitality and strength with new businesses filling vacant spaces quickly, which results in higher rental rates and value increases.
For more information, please visit calgary.ca/assessment