Got your property tax notice? Here's what you need to know

On Monday, the City mailed property tax notices to residents. Airdronians now have until the end of June to pay their property taxes.

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."

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 in value 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."

And 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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