Property assessments show spike in value of Calgary homes

Calgarians will be getting their latest property value assessment notices in the mail in the next few days.

The city is putting half a million residential and business assessment notices in the mail this week.

• House prices set to fall, Calgary real estate consultant warns
• Calgary city budget debate: Council votes for slightly reduced tax hike

Its too early to gauge the impact reassessments will have on individual property tax bills, but the city says new record values were reached in 2014.

Every year, the city reassesses properties based on what it thinks the property was worth the previous July 1.

This year, home values jumped 10 per cent to reach record highs. The median price for a single family home $475,000 topping the values reached in 2008.

For condos, the median price hit $290,000.

City assessor Nelson Karpa said although low world oil prices might ease property values in the coming year, the 2014 numbers reflect the strong real estate market in Calgary.

• Oil price expected to hold back house price gains in 2015, ReMax says

Assessment really is just a distribution mechanism but I think it really shows that the city of Calgary's real estate market at least in the last year has been particularly strong and healthy and has led to some of those increases in some of those values, Karpa said.

Calgarians now have 60 days to appeal their assessments if they don't agree with the city's numbers.

The province hasn't set its education tax yet but once that happens, the city will mail out its property tax bills in the spring.