Property assessment
Market value is the most probable price that a property would sell for on the open market on a given date. An assessor reviews and measures the real estate market to establish typical market value.
For more information about the property assessment process please view:
Your 2012 property assessment
Council decides what budget The City needs in the coming year. Then, using the total city-wide assessed property base, Council sets the tax rate to bring in only the funds it needs from property tax.
Tax rate = City budgetary needs
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Total assessed value of Calgary properties
Your assessment is the market value of your property.
Assessment = market value
If Council approves a tax increase, your May tax levy will increase from the revenue neutral tax amount shown on your 2012 Property Assessment Notice by the same percentage as the increase in tax rates between 2011 and 2012 (subject also to changes in the provincial property tax rate).
Your share is then calculated by applying the tax rate to your assessment.
Individual share of tax = assessment x tax rate
What your property taxes support
Your property taxes support the delivery of key City services that ensure our vibrant, healthy city and great communities, and are the primary source of funding for The City’s operating budget. City services include transportation and transit, police and fire protection, land use planning and policy, advancing social policy, recreation, waste removal, parks and many others. Almost half of all residential property taxes (44 per cent in 2011) collected by The City are sent to the Province of Alberta to meet provincial government budgetary requirements. For more information please review Property Tax.
