Cochrane property owners can check their mailboxes this week and find their 2024 property assessments starting on Jan. 18.
This year, the average single-family assessment rose 9.68 per cent, while the average non-residential assessment increased 2 per cent.
The 2024 assessments were based on the market conditions of July 1, 2023, alongside the physical condition of the property as of Dec. 31, 2023. This year, the average residential single-family property in Cochrane is now assessed at $615,500, which was formerly $561,200 in 2023.
Stacey Loe, Executive Director of Community Services for the Town of Cochrane, said The Town is fully aware that residents may be potentially concerned about an increase in assessed value of their property and the implications to their property tax.
“This increase reflects the growing demand to live in Cochrane with increased sales and high market demand,” Loe said. “With this growth, the number of properties on the tax roll has also increased, meaning more property owners are supporting the revenue required through the Cochrane municipal budget and the province’s requisition for education and seniors’ housing.
“Annual property assessments, based on the market conditions and physical condition of a property, ensure each property owner supports their fair share of property taxes.”
Property assessments are prepared annually through mass appraisal techniques that determine property values by grouping similar properties at a specific point in time. They do not reflect a single sale price, but show typical market value on the common valuation date, July, 31, 2023.
Through the annual assessment process, Tax responsibility is re-distributed among properties based on how their assessed values change, relative to other properties in their assessment class.
As a guideline, property taxes will change based on how much an individual property’s value has changed, whether it’s residential or non-residential.
If a property’s assessed value has increased more than the average, its portion of property tax will be larger than average. If a property is assessed value has a similar change to the average or decreases, the property tax will see a similar change or be smaller than average.
“Assessment is a tool to ensure that property taxes are distributed fairly among property owners in Cochrane,” explained Loe. “It’s important to remember that actual property tax impacts will vary based on budgetary requirements by Council and the Province.
“A significant portion of the property taxes you pay for your home is sent to the province, around 30% typically, to support education and seniors’ housing.”
From Jan. 26 to Mar. 26, a 60-day review period will take place. Property owners can review their assessment and discuss any questions or concerns before property taxes are calculated.
During this period, property owners can review and compare their new assessments to the previous year’s market value and assessment of similar neighbouring properties using tools on Cochrane.ca/assessment.
Any questions or concerns about individual assessment can be directed to the assessment department at [email protected]. Property owners not satisfied with their assessment after discussing it with an assessor may file a formal complaint with the review board and have the assessment reviewed.
A formal complaint can only be submitted withing the 60-day customer review period, ending on March 26. 2024 property taxes will be due June 30, 2024.
The Town of Cochrane added that the Tax Installment Payment Plan (TIPP} will help simplify the tax bills of residents by allowing payment of property taxes in installments instead of one payment in June. TIPP information and registration is available at Cochrane.ca/TIPP.
