2014 Calgary residential property values up 6%

Propertyassessment notices are in the mail for some half a millionCalgary residents and business owners and most people will see an increase this year.

The city says the typical residential assessment is up six per cent, while the increase for a commercial property is 11 per cent.

"An increase or decrease in your property's assessed value doesn't necessarily mean your property taxes are going to go up by that same amount," said city assessor NelsonKarpa.

The city says 1,939 properties will see a decrease in their assessment mainly because of damage from flooding inJune, which adds up toa$405 million drop invalue.

• Reserve fund to cover Calgary property tax losses

In terms of property tax revenue for the city, it would mean a $2.4 million loss, according tocity assessors. But a city council committeevoted in December touse a reserve fund to make up for theproperty tax losses.

Karpa says members of his department relied on aerial photos, neighbourhood toursand housing sales to determine the value of damaged properties.

The total value of the 2014 property assessment roll is $276 billion while the totalbusiness assessment roll is $3.15 billion.

The typical single residential property in Calgary is now assessed at $430,000, while the typical residential condominium is assessed at $260,000.

The assessment notices are not tax bills, but are used to calculate municipal taxes.Calgarians can review their assessments and ask questions from Jan.3 until March 4.

The 2014 business tax bills will be mailed in early February and the property tax bills in late May.

If customers wish to discuss their assessment further, they're encouraged to contact assessment at 403-268-2888.

The following YouTube video from the city breaks down the role ofproperty assessments.

On mobile? Click here to watch the city's analysis of the numbers.