This year’s assessment report reveals that residential property values in Cochrane have increased 11.5 per cent, while commercial and industrial rose by an average of 5.49 per cent.
Residential properties make up 86.77 per cent of the overall assessment base in Cochrane, which was a slight shift from the 87.2 per cent the year previous.
Despite the positive movement toward a larger commercial tax base, municipal assessor Suzette DeMott did indicate that the percentages still pose some problems for the community, as it indicated that commercial development lagged behind residential growth.
A healthier tax base would be for residential to fall somewhere between 75 to 80 per cent.
The total number of taxable parcels in Cochrane increased by 9.93 per cent in 2014.
Single-family home values were up 2.74 per cent; duplexes and four-plexes 3.59 per cent; and condominiums increased 4.86 per cent. Heartland saw the largest increase for single-family dwellings at 15.61 per cent; Fireside had an 11.55 per cent upsurge for duplexes; and Sunterra experienced a 12.12 per cent increase for condos.
The Downtown area saw the largest decrease for single-family home values (5.37 per cent) and condos (3.7 per cent), while East Cochrane duplexes slumped 2.83 per cent.
The average cost of a single-family home in Cochrane is currently $430,473 (an increase of 2.74 per cent from 2013); a duplex/four-plex is $301,920 (up 3.59 per cent); and the average condo rings in at $318,262 (up 4.86 per cent).
Commercial properties came in at $277,890,000 total value, a 14.18 per cent increase from 2013; industrial was up 7.23 per cent, totaling $114,758,700; and vacant commercial/industrial was valued at $39,833,500, down 4.94 per cent. The assessment indicated that Cochrane’s vacant land supply is currently minimal in respect to the type of growth experienced over the past few years, and the reason for the decrease was due to absorption of the vacant base for new construction.
Assessments were based on economic conditions as of July 1, 2013 and the physical condition of the property on Dec. 31, 2013.
The assessment base is used to establish property tax rates on a yearly basis. Notices were mailed to property owners Jan. 27 and residents are encouraged to review their assessments during the 60-day review period, which ends March 28.
Council voted 6-1 in favour of holding all of its regular meetings at 6 p.m.
Councillor Ross Watson was the one vote against.
