Assessed values of single-family homes in Airdrie are on the rise.
Staff presented Airdrie City council with a report on the changes and shifts in the 2013 assessment, measured year over year, Feb. 4.
The report revealed a 4.79 per cent increase in the total number of parcels and a 7.94 per cent increase in total assessment values, including both residential and non-residential properties, between 2012 and 2013.
“I think it is a great thing,” said Airdrie Mayor Peter Brown.
“I think the economy overall and the real estate environment in the area has been very strong. Airdrie in my opinion is a place people are really looking at.”
The total value of taxable parcels in Airdrie grew by 8.05 per cent from $6.6 billion to $7.2 billion.
At 84.17 per cent, residential properties contributed the bulk of the values, moving from $5.6 billion in 2012 to almost $6 billion.
Non-residential parcels totalled $1 billion last year, slightly less than this year’s total value of $1.2 billion.
Residential values are calculated by comparing sales of similar homes in similar communities.
At just over 12 per cent, the community of Big Springs experienced the largest increase in the average single-family residential property value. Single-family homes in the neighbourhood went from $277,400 to $310,800.
Property values in Old Town experienced the highest decrease at -9.16 per cent. Single-family homes moved from $275,000 to $249,000.
The community of Cooper’s Crossing has the highest home value in the city, with the average single-family home assessed at $508,400.
That amount increased by 3.04 per cent over last year’s average assessed value of $493,000.
Brown said a number of factors, such as fewer or more houses selling over the year and more or less expensive homes affecting the average, can create shifts in neighbourhood values.
Overall, single-family home average assessed values increased by 4.09 per cent, duplexes increased by 0.41 per cent and condos decreased by 5.32 per cent.
Non-residential properties account for 16.26 per cent of the assessment base, compared to 15.83 per cent in 2012.
It’s a positive trend, said Brown, adding he would like to see a residential to non-residential split in tax base of between 65 to 35 and 70 to 30.
“The tax revenue you get from (commercial) goes a lot further,” he said.
The City mailed assessment notices to residents on Jan. 28.
The 60-day review period, during which residents can contact the City about any concerns they may have, ends April 2.
Taxation notices will be mailed May 27 with due date of June 28.
Brown said it is important residents realize an increase in their home’s assessment value may not signal an automatic increase in taxes.
For more information on the 2013 Assessment, visit www.airdrie.ca
