Assessment roll highlights
The City of Calgary mails property assessment notices in early January each year.
A property assessment is a value placed on a property for taxation purposes. It reflects the market value of a property based on the market valuation date of July 1 of the previous year.
Key findings from the 2023 Assessment Roll:
- In 2023, The City of Calgary mailed approximately 567,000 Assessment Notices, including more than 51,000 Assessment eNotices, to Calgary property owners.
- The total value of the 2023 Assessment Roll is $351.7 billion, an increase of $38.2 billion in value from last year.
- The typical market value assessment change between this year and last year is 12 per cent for residential properties and two per cent for non-residential properties.
- The 2023 median single residential assessment (excluding condominiums) is $555,000 compared to $485,000 in 2022.
- The 2023 median residential condominium assessment is $255,000 compared to $235,000 in 2022.
- Approximately 95 per cent of revenue neutral taxes from residential properties will stay within 10 per cent of last year’s tax.
- Overall, residential properties increased by 12 per cent.
- Single residential: Homeowners, especially those who own single residential properties, experienced the greatest increases in value, changing by 13 per cent from last year. Calgarians continue to seek suburban properties especially single residential detached and semi-detached houses.
- Residential condominiums: Residential condominiums experienced a seven per cent increase. The townhouse condominium market increased by nine per cent while the apartment condominiums increased six per cent from last year.
- Multi-residential: The rental apartment market experienced a typical increase of 13 per cent. Leading the increases were townhouses, with high-rise and low-rise properties close behind, and finally fourplexes increasing more modestly.
- Approximately 72 per cent of non-residential properties’ revenue neutral taxes will stay within 10 per cent of last year’s tax.
- We continue to see steady resilience and sustained growth within the non-residential market, which increased by two per cent. Industrial and retail properties have increased in value again this year.
- Office properties: Office properties have decreased by three per cent from last year. However, the downtown office market increased by four per cent due to the strength of the A and AA class buildings, along with some compressions of vacancy and an increase of movement from lower to higher quality downtown office space. Yet, B and C class buildings continue to experience valuation pressures due to high vacancy and limited demand. Suburban office properties continue to struggle with rising vacancy leading to value reductions.
- Industrial properties: Industrial property values have increased five per cent overall with many typically sized warehouses reflecting value increases. Large format warehouses and newer constructed warehouses reflect higher value increases as Calgary remains a major Western Canada distribution hub.
- Retail properties: Retail properties have increased by four per cent overall, due mostly to strong sales transactions of larger format properties.
The 2023 Residential Revenue Neutral Market Changes by Communities are: view map.
To learn more about the 2023 Property Assessment Roll please review the 2023 Property Assessment Market Report.
After The City receives the provincial property tax requisition and Council passes the property tax bylaw, the property tax bills, reflecting actual taxes owing, will be mailed each May.