By rdnewsNOW staff

Assessment Values Higher

Red Deer property assessment notices in the mail

Jan 4, 2024 | 3:27 PM

Red Deer property owners can expect to receive their 2024 property assessment notices in the mail over the next few days.

City officials say Red Deer’s residential assessment values saw an average increase of 4.85 per cent, though changes in value varied based on property type. Officials say the average value of single-family homes increased from 2022 to $351,500, while multi-family properties increased by 1.78 per cent. Non-residential property values saw an average increase of 2.11 per cent.

“Overall, Red Deer’s assessed values showed steady resilience and sustained growth year over year in all assessment classes, especially in the residential market which experienced the greatest increase in value leading up to the July 1, 2023, valuation date,” said Maureen Cleary, City Assessor.

The City says 2024 property assessment values reflect the property’s market value as of the legislated valuation date of July 1, 2023, and its physical condition as of December 31, 2023. Any changes to the real estate market or condition of a property after these dates are reflected in the next year’s assessment. For this reason, note City officials, a property’s assessed value is considered historic and may differ from the current market value or a real estate appraisal.

“We are committed to delivering fair and equitable assessments, and a large part of that is working directly with property owners to address any questions they have,” said Cleary. “We encourage anyone with questions or concerns about their assessment to reach out to our Assessment Services team. Our qualified Assessors are available to speak to property owners and find most concerns can be resolved over the phone.”

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Anyone with questions or concerns about their assessment are encouraged to contact The City’s Revenue and Assessment Services department at 403-342-8235 or assessment@reddeer.ca. A Customer Review Period is in place through March 12, 2024, after which assessment values are considered final. Assessment values are then used to calculate property taxes, which cannot be disputed.

City Council will review the 2024 budget January 23-26, 2024.

More information about property assessments can be found on the City website at reddeer.ca/assessment.

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