Red Deer property owners can expect to receive their 2021 property assessment notices in the mail over the next few days.
Red Deer’s residential assessment values saw an average decrease of 1.30 per cent, though changes in value varied based on property type. On average, the median value of single family detached homes increased moderately from $324,700 to $327,800, while multi-family properties decreased by 0.23 per cent. Non-residential property values saw an average decrease of 3.96 per cent.
“Overall, Red Deer’s assessed values remained relatively stable, but we do not yet know the full impact the pandemic may have on future values” said Maureen Cleary, City Assessor. “Property assessments reflect the typical market value of a property as of July 1, 2020. We did not see significant changes by that point in 2020, but we will continue to collect data over the coming months and monitor the local real estate market to determine what trends are occurring due to COVID-19 and be reflected in 2022 assessments.”
2021 property assessment values reflect the property’s market value as of the legislated valuation date of July 1, 2020, and its physical condition as of December 31, 2020. Any changes to the real estate market or condition of a property after these dates are reflected the next year’s assessment. For this reason, a property’s assessed value is considered historic and may differ from the current market or a real estate appraisal.
“We are committed to delivering fair and equitable assessments, and a large part of that is working directly with property owners to address any questions they may have” said Cleary. “We encourage anyone with questions or concerns about their assessment to reach out to our Assessment Services team. Our qualified Assessors are available to speak to property owners and find most concerns are able to be resolved over the phone.”
The Customer Review Period takes place from January 4 until March 15, 2021 after which assessment values are considered final. Assessment values are later used to calculate property taxes, which cannot be disputed.
Anyone with questions or concerns about their assessment are encouraged to contact The City’s Revenue and Assessment Services department at 403-342-8126 or assessment@reddeer.ca. More information about property assessments can be found on the City website at www.reddeer.ca/assessment.
For more information, please contact:
Communications & Strategic Planning
The City of Red Deer