Owners of 40,503 properties throughout Red Deer will soon receive their 2019 property assessment notices.
Assessments are in the mail and will be delivered over the next few days.
“Red Deer is fortunate to have a relatively stable market,” said city assessor Maureen Cleary.
“Most residential property owners are likely to see their property’s assessed value hold steady or slightly decrease.
“As the provincial economy continues to recover, our local property values are experiencing less volatility and smaller declines than other regions.”
This year, the overall residential valuation saw decreases of around two per cent, with single-family residential assessment values decreasing by just over one per cent.
It brings the average value of a typical single-family detached home to $329,900, compared to $334,400 in 2018.
Other property types that experienced modest changes are:
- Residential townhome, duplexes and mobile homes decreased by an average of three per cent.
- Non-residential industrial properties decreased by 0.71 per cent.
- The retail sector showed gains for the second year in a row, increasing by three per cent.
The 2019 assessments reflect the property’s market value as of July 1, 2018, and its physical condition as of Dec. 31, 2018.
Any changes to the real estate market or condition of a property after these dates will be reflected in next year’s assessment, says the city. For this reason, a property’s assessed value may differ from the current market appraisal.
A decrease in a property’s assessed value is not always reflected in a lower property tax bill. Property tax rates are determined by city council each year as part of the budget process.
A portion of the tax collected is sent directly to the government of Alberta to fund services.
“Most assessment related concerns can be resolved by speaking to an assessor over the phone. Our top priority is to resolve issues directly with the property owner in a timely manner,” Cleary said.
In the rare case that concerns are not resolved, property owners can submit an appeal by March 20.
Property tax notices will be delivered to property owners in May 2019.