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Cochrane property assessments rise under strong housing market

An upward trending real estate market in Cochrane is met with rising property assessments for 2022

Property assessment notices are expected to arrive in Cochranites' mailboxes within the next week and homeowners can anticipate an increase.

Town officials revealed in a Jan. 17 committee of the whole meeting that the average residential single-family assessment has increased 8.73 per cent in 2022 while the average non-residential assessment increased 1.66 per cent.

Both the market conditions as of July 1, 2021, and the physical condition of the property as of Dec. 31, 2021, laid the groundwork for this year's assessments which reflect the impact of an upward trending real estate market.

“Similar to our municipal neighbours, Cochrane continues to experience a competitive real estate market,” explained Gail Butz, town 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.” 

Assessment increases will vary by neighbourhood and property type with Riverview, Cochrane Heights, Crawford Ranch and Headlands observing some of the highest jumps. Condos have also gone up 5.16 per cent while duplexes and townhouses have risen nine per cent. 

Property assessments, which will be mailed Jan. 21, arrive separately from tax bills to allow property owners time to review their assessment and bring up any questions with the town before taxes are calculated.

Mass appraisal techniques are used each year to help prepare assessments. Said techniques help determine property values by grouping similar properties at a specific point in time.

The assessments reflect typical market value on the same date of each year, rather than a single sale price. 

Property owners are encouraged by town officials to review their assessment within a 60-day period, comparing it to the previous year, as well as to the assessments of similar neighbouring properties.

If there are questions or concerns regarding individual assessments, property owners can reach out to the assessment department.

If still left unsatisfied with the assessment following consultation, a formal complaint may be filed with the Assessment Review Board within the 60-day customer review period.

Assessments can help property owners anticipate their tax share well before tax bills are mailed in May 2022, helping them to budget accordingly.

As a result of the increased assessment values, the 2022 tax rate may change when council meets to set it in May. Town officials suggest a smaller tax increase may be sufficient instead of the projected 10 per cent, but those details will not be determined until May. 

For more information, visit cochrane.ca/assessment.

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