Home values have fallen again in Red Deer — another sign of economically challenging times.
The latest property assessments are in the mail, and they show an overall decrease of about two per cent in residential values for 2020. The median value of a typical single-family detached home is now $324,700, compared to $330,600 in 2019.
Residential townhouses, duplexes and condominiums decreased by an average of three per cent, while non-residential industrial properties decreased by one and a half per cent.
But the retail sector showed gains for the second year in a row, increasing by two per cent.
“Home prices remained relatively stable in Red Deer, however, a persistent oversupply of homes for sale caused a modest decrease in residential property assessments,” said city assessor Maureen Cleary.
The 2020 assessment values reflect a property’s market value as of July 1, 2019, and its physical condition as of Dec. 31.
Any changes to the real estate market or condition of a property after these dates will be reflected in next year’s assessment. For this reason, a property’s assessed value is historic and may differ from the current market or a real estate appraisal.
“We are committed to delivering fair and equitable assessments and have put considerable emphasis, energy and resources into working collaboratively with stakeholders to ensure a quality assessment roll,” said Cleary.
“If a property owner believes there is an error in their assessment, we encourage them to connect with our assessment team and we will take time to review it.”
Property owners with concerns about their assessment are encouraged to call the city at 403-342-8126 and ask to speak with an assessor. The review period runs until March 10.
“With more than 40,000 properties, every assessment is a little unique and so we ask that people call us if they want to discuss their assessment,” said Cleary.
“This gives our assessors time to review that property assessment to ensure they can answer the property owner’s specific questions.”
Property taxes are distributed in May each year, once municipal property tax rates have been determined.
In addition to municipal taxes, the city collects the education requisition on behalf of the provincial government as well as the seniors housing requisition on behalf of Bridges Community Living.
More information about property assessments is available online at reddeer.ca/assessment.