Alberta property assessment and taxation updates: 2021
Stay up-to-date with deadlines, developments and property assessment and taxation management for your assets in Alberta.
2021 Calgary property assessments released today
Owners are now receiving their yearly Property Assessment Notices from the City of Calgary. Please send us a copy of your 2021 assessment notices.
2021 assessments are based on a valuation date of July 1, 2020, making it the first one that should reflect the negative impacts of the COVID-19 pandemic. As such, it is more critical than ever that your assessment(s) be reviewed for accuracy to ensure you and your tenants are not paying more than what is fair and equitable.
Today, January 14th, is the first day of the Customer Review Period, which is the 67 days between the assessment release and the complaint deadline. This period allows property owners the opportunity to review their assessments, collect advice from experts and, where necessary, appeal their assessments.
*NEW* Assessment notice release: January 14, 2021
*NEW* Appeal deadline: March 23, 2021
Expect lower assessments, but higher taxes
Over the past year, the total non-residential assessment base has contracted as the negative effects on property values have been widespread and range from moderate to extreme depending on the asset class.
At the same time, we are projecting an estimated 7% increase to the tax (mill) rate for 2021. This means that many of the decreases that owners see in their assessed values may be offset by an increase to the tax rate. In some instances, ratepayers will see moderate to material increases to their 2021 property taxes.
Unique challenges faced by each sector
The hospitality sector has seen the largest declines to assessed values, followed by the retail sector, and to a lesser extent the office sector. The industrial and multi-family sectors are the exceptions and will see higher valuations and staggering increases in taxes; often as high as 20-25% or more.
2021 Property assessment dates have changed
Now is the time when owners would be receiving their yearly Property Assessment Notices from the City of Edmonton, but this year will be different
As a result of the pandemic and delays at the municipality, the date of the 2021 Property Assessment Notice mailout has been pushed back.
Additionally, the 2021 Property Assessment Appeal Deadline will also be affected.
*NEW* Assessment notice mailout: February 12, 2021
*NEW* Appeal deadline: April 20, 2021
2021 assessment values will reflect the market as of July 1, 2020, four months after COVID-19 started to seriously impact Edmonton’s commercial real estate and deep into the oil price collapse.
The negative effects on property values have been widespread and range from moderate to extreme, depending on asset class.
- Edmonton’s commercial real estate market faced challenges in the Alberta economic downturn and was exacerbated by the pandemic. As the current economic challenges continue, property owners need to ensure they and their tenants are only paying a fair share of property tax
- Assessed values should be reviewed as they are often too high relative to the changing market and the 2021 commercial tax rate has the potential to be higher this year
If you have any questions or wish to begin a review of your assessment please contact any of our Altus Group representatives.