Today, The City of Calgary is mailing over half a million property and business assessment notices. Today also marks the start of the 2016 Customer Review Period which ends on March 7th, 2016. Property and business owners are advised to carefully review their assessment and if they have any questions, contact Assessment during the Customer Review Period. Changes to a 2016 assessment can only be made if an inquiry is received during the 2016 Customer Review Period.
As required by provincial legislation, the 2016 property assessments reflect the market value of property on July 1, 2015 and the physical condition on Dec. 31, 2015. The 2016 business assessments reflect the typical net annual rental value of business premises on July 1, 2015. Assessed values are prepared annually and provide the basis for calculating property and business taxes.
In 2012, Council moved to consolidate Calgary’s business tax revenues with the non-residential property tax over a seven-year implementation time frame. In 2014 and 2015, 10 per cent of business tax revenues were transferred to and collected through the non-residential property tax each year.
In 2016, an additional 20 per cent of business tax revenues will be transferred to and collected through the non-residential property tax. This will result in a cumulative 40 per cent decline in the business tax rate from 2013 levels (2013 business tax revenue amount has been adjusted for business growth and contingencies). This year’s revenue transfer will also result in an estimated additional 4.6 per cent increase to the non-residential property tax rate, for a total non-residential property tax increase of an estimated 9.2 per cent due to consolidation. Incremental revenue transfers will occur annually until 2019, culminating with the elimination of the business tax.
If you have any questions or concerns, please contact Assessment or visit their webpage.
This content represents the personal views and opinions of the Ward Councillor and should not be taken as a statement of policy of The City of Calgary. The inclusion of any external content does not imply endorsement by The City of Calgary.