2024 property tax assessments: Everything you need to know

The City of Calgary says the typical residential property owner will see a 10 per cent increase in the value of their property when they receive their latest assessment.

Officials made the announcement on Wednesday while releasing details about 2024 property assessment notices, which are now in the mail.

The assessments are used to determine property and business taxes, and are based on the market value of property as of July 1, 2023, and the physical condition as of Dec. 31, 2023.

According to the city, the median assessment for a single residential home was $610,000 in 2023, up from $555,000 in 2022.

"When property assessments arrive, most residents will notice that their property’s value has increased from last year due to vigorous sales and market demand," said the city in a news release.

"Calgary’s housing market remains strong with robust sales indicating continued strength and real estate market confidence throughout the city."

Calgary continues to see climbing net migration, which is squeezing supply. It's making for a hot real estate market, too.

"Very, very busy," said realtor Karen Fawcett.

She added the migration is coming from both international and interprovincial customers looking to call Calgary home. Fawcett said that helped lead to "bidding wars and price increases, particularly in the condo and apartment sector."

City assessor/director of assessment and tax Eddie Lee says the highest property value changes are among residential condominiums, which saw the median assessment climb from $255,000 in 2022 to $295,000 in 2023.

“This segment has been very attractive due to strong demand for the relatively affordable condo sector," Lee said.

For non-residential properties, the typical market value change is an increase of three per cent.

You can review your assessment on the city’s Assessment Search website.

In total, about 580,000 property assessment notices are in the mail.

Tax rates will be finalized in mid-March and tax bills will be mailed out in May with a due date of June 28.

The total value of the 2023 assessment roll is $387 billion, an increase of $35 billion from last year.

With files from CTV News Calgary’s Jordan Kanygin