Assessments are based on the fair market value of your property last July 1. Real estate data on all properties sold in Calgary in the previous three years are analyzed. Your individual assessment comes from the analysis of sold properties in your neighbourhood that are very similar to yours.
Assessment includes things like the size of your house, any renovations, the year it was built, the neighbourhood you live in and other variables. All together, they make up the fair market value assessment of your home.
How does your assessment relate to your property tax?
To provide City services, City Council determines what it needs in revenue each year.
City budgetary needs
total assessed value of all Calgary properties
Your municipal property tax is calculated by multiplying your yearly assessment by the Council approved tax rate.
Your share of property taxes = Tax rate x Your assessment value
Your property tax may change from year to year if:
- Your assessed value increases / decreases greater than the overall assessment base.
- Additional revenue is required to provide services.