Value of typical Calgary home drops $10,000 as property assessments fall $4B

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The assessed value of Calgary homes has declined over the past year.

The median value has dropped $10,000, for both houses and condos, the city announced Thursday.

The City of Calgary said about 500,000 property assessments have been issued. A customer review period begins immediately and runs until March 23.

The 2021 median assessment for a detached home is $445,000, compared with $455,000 in 2020.

For residential condominiums, the median assessment is $235,000, compared with $245,000 last year.

"We encourage all property owners to use the customer review period to check, review and compare their assessment for fairness and equity," said acting city assessor and director of assessment, Eddie Lee.

An assessment is the market value of a property, including buildings and land, that is used to calculate each property owner's share of taxes. The assessments are based on market valuations as of July 1, 2020.

The total assessed value of property in Calgary decreased by $4 billion from last year, the city says. The overall 2021 assessment roll is valued at $297 billion, compared with $301 billion in 2020.

The city says non-residential properties have seen market value decreases in the office and retail sectors, while the industrial sector remains strong.

The city says the shift to working from home due to the pandemic coupled with the downturn in the energy sector, leading to higher vacancy and lower rent, has resulted in a 13 per cent overall drop in value in Calgary's office market.

Retail property market values decreased six per cent, partly because of pandemic-related restrictions.

Industrial properties, on the other hand, saw a four per cent increase in value "driven by the rise in e-commerce, a diversifying economy and Calgary's logistical advantages as Western Canada's distribution hub."

Property tax bills for 2021 will be mailed out in May with payments due on June 30.