The City of Airdrie announced that it has released the 2024 property assessments. Residents will either be able to view their assessments online or can expect them in the mail in the coming days. But what can residents expect exactly?
Valerie Cottreau, City Assessor underlined that growth in property values across the province includes Airdrie.
“Assessments are based on market conditions as of July 1, 2023. We’ve seen another year of growth in the residential market," Cottreau said. "Alberta has an affordable housing market relative to other provinces. Continued growth in Airdrie’s housing prices was mainly driven by record-breaking interprovincial migration.”
According to the City of Airdrie, there has been an increased demand for suburban housing as the city's residential market continues to grow steadily. The non-residential market has also seen increases, especially in the industrial market.
"To offer fair and equitable assessments, values are determined through the mass appraisal approach - analyzing properties that have sold within the three-year valuation period leading up to July 1. Different neighbourhoods or dwelling types may see their value appreciate or depreciate from year to year," The City stated.
Residents were quick to sound off on social media, many expressing frustration and shock at the increases they observed in their property assessments.
Property owners have until March 25 to request an assessment value review. After that date, the tax rate bylaw process will begin, and property taxes will be evenly distributed based on assessment values.
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