Property Assessments are on the Way
You should be receiving your 2020 property tax assessments by the end of this week.
Mailed out on January 20th, Cochrane residents should take note that assessment values are based on local economic conditions as of July 1, 2019 and the physical condition of each property as of December 31, 2019.
In general, residential property assessments have decreased since last year, while commercial and industrial assessments have remained stable for the Town of Cochrane.
A recent report to Town Council showed a breakdown of changes from 2019:
- single-family homes down 2.04%
- duplexes and townhomes down 6.05%
- condominiums down 3.60%
With the average single-family home assessment in Cochrane down from the previous amount of $479,900 to $470,100, residents can be assured that 2020 assessments are in line with many other residential assessments in the region.
Assessments are prepared using mass appraisal techniques, which determine property values by grouping similar properties at a specific point in time. And while assessments do not reflect a single sale price, they do show typical market value on the same date each year.
At the January 13th council meeting, Katherine Van Keimpema, General Manager of Corporate Services for the Town of Cochrane, purposely reminded residents that although your residential assessment may have gone down in 2020, it won’t necessarily correlate to a lower tax bill in May 2020. Stating residents need to consider assessments as part of the overall pie, which is why a lower assessment doesn’t always mean more money in your pocket.
Assessment values are sent out in January to allow property owners an opportunity to review and come forth if they have concerns before tax bills are mailed in May. Property owners who feel their assessment is inaccurate can request more information, raise their concerns, or file a formal complaint within 60 days of the assessment notice. Before submitting a complaint, property owners are encouraged to call a Town assessor to discuss their concerns at 403-851-2950.
The Provincial Education requisition at this time remains unknown as Alberta Municipal Affairs determines that rate in April.
The information below shows how assessment values have shifted.