Airdrie’s annual market value assessments show an upward trend in value for residential and non-residential properties.
There has been a 5.66 per cent increase in the total number of parcels between 2011 and 2012 and a 2.88 per cent increase in the total assessment value over the past year.
Changes in assessed value do not necessarily mean changes in property taxes, said Suzette DeMott, City assessor.
“Some properties will see their taxes increase and others will experience a decrease,” she said.
The assessment shifts show the market value changes between July 1, 2010 and July 1, 2011 and the difference between the physical conditions of property from Dec. 31, 2010 to Dec. 31, 2011.
Residential properties account for 83.93 per cent of the live assessment base compared to 84.32 per cent in 2011. Non-residential properties account for 16.07 per cent of the assessment base compared to 15.68 per cent in 2011.
“This shows we are going in the direction we want to with more businesses,” said DeMott.
An upward trend of 7.03 per cent was seen for developed industrial properties and developed commercial and City-owned, non-residential properties increased less than one per cent.
The community of Windsong experienced the largest increase in the average single-family residential property value (from $305,400 in 2011 to $328,500 in 2012) while Airdrie Meadows has experienced the largest decrease at in the average value (from $290,400 in 2011 to $259,500 in 2012).
The Canals had a slight increase (from $294,200 in 2011 to $295,200 in 2012) and Airdrie Meadows experienced the largest decrease in the average value for duplexes (from $235,900 in 2011 to $208,600 in 2012). Luxstone has the largest average increase in condominium property values (from $220,500 in 2011 to $241,600 in 2012) while East Lake has experienced the largest decrease (from $221,300 in 2011 to $189,100 in 2012).
The live assessment base is used to establish the tax rates on a yearly basis. The Tax Rate Bylaw will be presented to council for approval in May.
