Over the next few days, owners of 40,503 properties throughout Red Deer will receive their 2019 property assessment notices in the mail.
“Red Deer is fortunate to have a relatively stable market,” said Maureen Cleary, City Assessor. “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. This 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 December 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. For this reason, a property’s assessed value may differ from the current market or a real estate 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 provincial education and seniors housing.
“Most assessment related concerns can be resolved by speaking to an assessor over the phone,” said Cleary. “Our top priority is to resolve issues directly with the property owner in a timely manner.”
In the rare case that concerns are not resolved, property owners can submit an appeal with the Regional Assessment Review Board by March 20, 2019.
Property tax notices will be delivered to property owners in May 2019.For more information about property assessments with The City of Red Deer, visit www.reddeer.ca/Assessment.
For more information, contact:
Revenue & Assessment Manager
The City of Red Deer
Communications & Strategic Planning
The City of Red Deer