(Cochrane, AB) – Cochrane property owners can anticipate receiving their 2024 property assessment notice in their mailbox within the next week. This year, the average residential single-family assessment increased by 9.68%; the average non-residential assessment increased by 2%.
2024 assessment findings
2024 assessments are based on the market conditions of July 1, 2023, and the physical condition of the property as of December 31, 2023. This year, the average residential single-family assessment increased by 9.68%; the average non-residential assessment increased by 2%. The 2024 average residential single-family property in Cochrane is now assessed at $615,500, an increase from the 2023 average single-family property assessment of $561,200.
“We understand that residents may potentially be concerned about an increase in the assessed value of their property and the implications to their property tax,” says Stacey Loe, Executive Director of Community Services, Cochrane. “This increase reflects the growing demand to live in Cochrane with increased sales and high market demand. With this growth, the number of properties on the tax roll has also increased, meaning more property owners are supporting the revenue required through the Cochrane municipal budget and the Province’s requisition for education and seniors’ housing. Annual property assessments, based on the market conditions and physical condition of a property, ensure each property owner supports their fair share of property taxes.”
2024 property assessment process and tax implications
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 common valuation date, July 31, 2023. Through the annual assessment process, tax responsibility is re-distributed among properties based on how their assessed values change relative to other properties in their assessment class.
As a guideline, property taxes will change based on how much an individual property’s value has changed relative to the average change for its property type (residential or non-residential). If a property’s assessed value has increased more than the average, its portion of property tax will be larger than the average. If a property’s assessed value has a similar change to the average or decreases, its portion of property tax will see a similar change or be smaller than the average.
“Assessment is a tool to ensure that property taxes are distributed fairly among property owners in Cochrane,” explained Stacey Loe, Executive Director of Community Services, Town of Cochrane. “It’s important to remember that actual property tax impacts will vary based on budgetary requirements by Council and the Province. A significant portion of the property taxes you pay for your home is sent to the Province, around 30% typically, to support education and seniors’ housing.”
2024 customer review period
Assessment notices are mailed January 18, 2024, followed by a 60-day review period, starting on January 26 until March 26, 2024. During this time, property owners review their assessment and discuss any questions or concerns before property taxes are calculated.
During the 60-day review period, property owners can review and compare their new assessment to the previous year’s market value and the assessment of similar neighbouring properties using tools on Cochrane.ca/assessment to review their residential property details.
Any questions or concerns about individual assessments can be directed to the Assessment department at assesssment@cochrane.ca. Property owners who are not satisfied with their assessment after discussing it with an assessor, may file a formal complaint with the assessment review board and have the assessment reviewed. A formal complaint can only be submitted within the 60-day customer review period ending March 26, 2024.
2024 assessment & tax key dates
Important dates | 2024 assessment & tax key dates |
July 1, 2023 | Valuation date for 2024 assessment roll based on market conditions |
Dec. 31, 2023 | Valuation date for 2024 assessment roll property physical condition and characteristics date for the 2024 assessment roll |
Jan. 18, 2024 | 2024 assessment notices mailed |
Jan. 26-Mar. 26 2024 | 60-day assessment review period |
Mar. 26, 2024 | Final date to file an assessment complaint |
March/April, 2024 | Provincial budget released Provincial requisition of Cochrane’s property tax is set Cochrane Council approves Property Tax Bylaw |
June 30, 2024 | 2024 property taxes due |
Tax Installment Payment Plan
The Tax Installment Payment Plan (TIPP) simplifies your tax bill, allowing you to pay your property taxes monthly instead of one payment in June. TIPP information and registration is available at Cochrane.ca/TIPP.