(Cochrane, AB) – Cochrane property owners can anticipate receiving their 2022 property assessment notice in their mailbox within the next week. This year, the average residential single-family assessment increased by 8.73%, while the average non-residential assessment increased by 1.66%.
The 2022 assessments are based on the market conditions of July 1, 2021 and the physical condition of the property as of December 31, 2021.
“Similar to our municipal neighbours, Cochrane continues to experience a competitive real estate market,” explained Gail Butz, Manager of Assessment and Tax. “With this increase, an average residential single-family property in Cochrane is now assessed at $495,700, an increase from the 2021 average single-family property assessment of $455,900.”
Property assessments are prepared annually using mass appraisal techniques, which determine property values by grouping similar properties at a specific point in time. Assessments do not reflect a single sale price, rather they show typical market value on the same date each year.
Assessment notices are mailed January 21, 2022 — separately from tax bills — so property owners can review their assessment and discuss any questions or concerns before taxes are calculated.
Property owners are encouraged to review their assessment and compare it to the previous year, as well as to the assessments of similar neighbouring properties. Any questions or concerns can be directed to the Assessment department. If a property owner is not satisfied with their assessment after discussing it with an assessor, they can file a formal complaint with the Assessment Review Board. A formal complaint can only be submitted within the 60-day customer review period.
Annual property assessments are integral to the Town’s tax process. Knowing how property assessments work and how they are prepared can help property owners anticipate their tax share, well before tax bills are mailed in May 2022, helping them to budget accordingly.
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Assessment increases will vary by neighborhood and by property type. When Council sets the tax rate in May, the rate may change slightly as a result of the increased assessment values. The tax rate reflects the amount of taxes required to support the Town’s budget. With the increase in assessments, a smaller tax increase may be sufficient. Those details will be determined in May when Council sets the 2022 tax rate.
For more information, visit cochrane.ca/Assessment.
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