Red Deer property owners can expect to receive property assessment notices in their mailboxes over the next week.
Overall residential values for 2020 saw decreases of around two per cent, bringing the median value of a typical single family detached home to $324,700 compared to $330,600 in 2019. Residential townhomes, duplexes and condominiums decreased by an average of three per cent, while non-residential industrial properties decreased by one and a half per cent. The retail sector showed gains for the second year in a row, increasing by 2 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 Maureen Cleary, City Assessor.
The 2020 assessment values reflect the property’s market value as of July 1, 2019, and its physical condition as of December 31, 2019. 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 to 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 who have concerns about their assessment or believe there is an error are encouraged to call The City’s Revenue & Assessment Department at 403-342-8126 and ask to speak with an Assessor. The customer 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 www.reddeer.ca/assessment.
For more information, please contact:
The City of Red Deer
Communications & Strategic Planning
The City of Red Deer