Red Deer property owners can expect to receive their 2023 property assessment notices in the mail over the next few days.
Red Deer’s residential assessment values saw an average increase of 3.5 per cent, though changes in value varied based on property type, the city said in a media release on Thursday.
The median value of single-family detached homes increased from 2021 to $345,000, while multi-family properties increased by 4.81 per cent. Non-residential property values saw an average increase of 0.65 per cent.
“Overall, Red Deer’s assessed values showed steady resilience and sustained growth year over year, especially in the residential and multi-residential markets which experienced the greatest increase in value leading up to the July 1, 2022, valuation date. Since that date, however, the real estate market has slowed as interest rates rise and sales volume declines,” said Maureen Cleary, city assessor.
2023 property assessment values reflect the property’s market value as of the legislated valuation date of July 1, 2022, and its physical condition as of Dec. 31, 2022. Any changes to the real estate market or condition of a property after these dates are reflected in the next year’s assessment. For this reason, a property’s assessed value is considered historic and may differ from the current market or a real estate appraisal.
“We are committed to delivering fair and equitable assessments, and a large part of that is working directly with property owners to address any questions they have,” said Cleary.
“We encourage anyone with questions or concerns about their assessment to reach out to our Assessment Services team. Our qualified Assessors are available to speak to property owners and find most concerns can be resolved over the phone.”
The Customer Review Period takes place from Jan. 5 until March 14, after which assessment values are considered final. Assessment values are then used to calculate property taxes, which cannot be disputed.
Anyone with questions or concerns about their assessment is encouraged to contact the city’s Revenue and Assessment Services department at 403-342-8235 or email@example.com.
More information about property assessments can be found on the city’s website at www.reddeer.ca/assessment.