Council got an update on local property assessments at their meeting Monday.
In general, residential property assessments and commercial assessments have decreased since last year, while industrial assessments remained stable.
Real estate sales volumes and values in the region were recovering by the end of 2020 after a very slow spring and summer, mostly due to the economic impacts of the global pandemic.
The average single family home assessment in Cochrane is $455,900, a decrease of 3.02% from 2020.
The report to Council includes a breakdown of changes from 2020:
Cochrane properties are 88.5% residential and 11.5% non-residential, compared to 88.64% and 11.36% in 2020.
Assessments are prepared annually and are legislated under the Municipal Government Act; 2021 assessments are based on local economic conditions as of July 1, 2020 and the physical condition of each property on December 31, 2020. Assessments are prepared 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, but show typical market value on the same date each year.
Assessment notices are mailed January 21, 2021 — separately from tax bills — so property owners can review their assessment and raise any concerns before taxes are calculated. Anyone who has concerns with the assessed value can request more information, raise their concerns or file a formal complaint — which must be done by March 30, 2021.
The net municipal property taxes remains unchanged for 2021 — the tax rate changes as a result of the change in assessed values. Your property tax bill is calculated using your assessed value and the approved tax rate. Tax bills are mailed in May after Town Council sets the tax rate. Property taxes account for 49% of the Town’s operating budget.