If you own property in Airdrie, be prepared for your annual property assessment notice to land in your mailbox sometime very soon. The City of Airdrie began mailing out the assessments Jan. 4.
According to City Assessor Larry Laverty, many homeowners will receive assessments that are lower than 2015.
“The market has been relatively flat and stable,” he said. “The reality is that Airdrie stayed pretty strong, despite the economic downturn. There’s still a lot of desirability here. It’s a strong community.
“Assessment is a distribution method. That’s its primary purpose, to distribute fairly and evenly what the tax will be.”
However, just because a property has been assessed as being worth less than it was a year ago, homeowners should not necessarily expect to see their property tax decline this year.
“It still depends on what (City) council sets as the mill rate. Mill rates are usually set by April,” Laverty said. “There was an increase in the budget. If (your assessment is) close to the average decrease, you’re probably going to see (your property taxes) increase based on the budget. If you’re below that, you could actually see a decrease (in your property taxes).”
According to Laverty, changes in assessed property value vary depending on where in Airdrie the property is located.
“The average increase in residential was about two per cent, but that will vary depending on many factors. Some pockets (of inventory) went up more,” he said.
Shifting assessed values depend on a number of factors, according to Laverty, including new construction, re-inspections and even renovation. In areas where assessed values increased, Laverty said the primary cause is likely new construction or new information coming to light through re-inspections.
Lower assessed values may occur when a particular area is less desirable – as seen through the number of homes bought and sold in the area and the selling prices – or because of new construction of a number of smaller, lower-priced residences that lower the overall property values in the area.
Property owners are encouraged to review their new assessment notices and contact the City Assessment department with any questions at 403-948-8855.
