Airdrie residents have less than four weeks to pay their property taxes or risk financial penalties.

According to The City of Airdrie, the failure to receive one's tax notice does not exempt you from late payment penalties. Property tax notices were mailed out at the end of last month and residents have a variety of options to pay their taxes, although credit payment is not accepted.

aaAirdrie residents have less than four weeks to pay their property taxes or risk financial penalties. (Graphic credit to The City of Airdrie) 

Payment options include the Monthly Tax Payment plan (MTPP). which divides one's annual property taxes into annual sums, which are automatically withdrawn from a bank account, paying at one's bank.

"Airdrie property tax payments are accepted at most financial institutions via in-branch banking, ATM and Internet banking. Select Airdrie Taxes and use your tax roll number from your current tax notice as your account number," The City advises on its website.

Residents can also pay by cheque, by courier, as well as using the drop box at City Hall. 

At the beginning of the year, property assessment notices were mailed to residents. Previously, Valerie Cottreau, City Assessor said that a growth in prices in the residential market had marked the year. In a news release in January, the City underlined that Airdrie was not unique in this aspect.

"There has been an increased demand for suburban housing as our residential market continues to grow steadily. The non-residential market has also increased, especially in the industrial market."

In Its most recent report, the Calgary Real Estate Board (CREB) noted that, 'a boost in new listings compared to sales helped support a gain in inventory this month. However, with only 208 units available, levels are still half what we traditionally see in the market in May.'

"Detached homes accounted for nearly 70 per cent of all the inventory in Airdrie, with half of the detached supply priced below $700,000. While Airdrie remains a relatively affordable alternative to Calgary for consumers, benchmark prices continue to rise over last month's and last year's levels. Benchmark prices ranged from $289,000 for apartment-style homes to $651,000 for detached properties."

According to The City, '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 purpose of the assessment is not to reflect a single sale price but to assess all properties at typical market value as of the same valuation date.

Many factors are considered when valuing property such as age, lot size and home square footage, home features, finishes and quality, as well as the property location

Furthermore, The City explained that the definition of market value is the amount that a property might be expected to sell for if it is sold on the open market by a willing seller to a willing buyer.

"Changes including extensive renovations, basement development, garages, additions, fireplaces and decks can alter the assessed value of a property. The assessed value is determined through the analysis of properties that sold in the previous year. Different neighbourhoods or dwelling types may appreciate or depreciate at different rates from year to year," The city added on its website.

And while the average market value of single-family homes may have decreased overall, the difference between each neighbourhood may not match the overall year-to-year change.

"Your assessment is based on typical market value, so any significant changes to your home will likely impact the market value. Therefore, your property assessment will change accordingly."

In terms of how the city gathers information for property assessments, it is noted that there are a variety of sources, including building plans provided to the City of Airdrie.

"Lot sizes are determined from the registered plan of subdivisions and the Land Titles Registry system. The property owner also provides information through supplementary assessments and permits."

And when a basement development has occurred, 'development permits that have been registered before December 31 will automatically be added to the following year’s assessment.'

"It is the responsibility of the homeowner to contact the assessment department if the basement is not complete before December  A mandatory inspection will be required for confirmation."

However, there is also mass appraisal, which is the process of valuing a group of properties at a given date that are similar in relation to the market value standard and uniform in comparison to similar properties.

"For similar properties, there are a range of prices. For example, your sale price may be at the upper or lower end of this range. A property’s sale price can be outside this range and its assessment can still meet the legislated standard."

The deadline to pay property taxes is June 28. By the end of September, supplementary assessments are mailed, with a subsequent due date to pay by October 31. 

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