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Most Red Deer home owners can expect lower property assesments

Property assessment notices for 2011 are in the mail and the majority of Red Deer home owners can expect a slight decrease in their assessment.

Property assessment notices for 2011 are in the mail and the majority of Red Deer home owners can expect a slight decrease in their assessment.

Overall residential assessments in 2010 had an average decrease of around one per cent, said Brian Lutz, city assessor.

“Approximately sixty per cent of properties will see some form of a decrease in their assessment,” he said.

Due to a number of variables, however, market shifts in the residential sector will create assessments that may increase or decrease more than the average, Lutz added.

The price of the home, neighbourhood, type of home and any changes made to the property all impact the final value.

The value on the property assessment notice will be used to calculate 2011 property taxes. Each property tax notice is based on the assessed property value multiplied by the property tax rate, which is determined by city council in May.

People who do not receive an assessment notice by Monday are encouraged to contact Revenue and Assessment Services at 403-342-8126.

Lutz recommended owners resolve any concerns they have with their assessment before the deadline stated on the assessment notice as property tax notices that are mailed out in May cannot be disputed.

If property owners are unable to resolve their concerns through a conversation with an assessor, a formal appeal to the Clerk of Regional Assessment Review Board can be filed before March 21.

Details on submitting an appeal can be obtained through the Clerk of the Regional Assessment Review Board, located on the second floor of City Hall.

Property owners can get more information about the City of Red Deer property assessments and taxes at www.reddeer.ca/tax.