CANMORE – The Town of Canmore's total taxable assessment value is getting close to $9 billion.
In a committee of the whole meeting, Canmore town council heard there was an increase of roughly $145.4 million in new assessment growth during the past year, which results in an annual taxable assessment of $8.9 billion.
The bulk of the growth – $136.2 million – came from residential units and about $9.2 million was from non-residential properties. However, when adjusted for inflation the Town’s existing inventory went down by $18.27 million - the bulk of which came from non-residential properties.
Lance Wehlage, an assessor with Benchmark Assessments Consultants Inc, noted the residential ranges were “very stable” and the variances between decreases and increases were “very narrow.”
The overall residential assessment changed by an increase of 0.2 per cent, according to the report.
The highest number of homes – 3,748 – saw a 0 to 2.9 per cent assessment increase. The bulk of homes in Canmore saw between a 1.5 per cent decrease or a 6.5 per cent increase.
The report stated 952 homes had 6.5 per cent or more of an increase, while 1,011 had an increase between five and 1.5 per cent.
“You should start to see a more stabilized, consistent and predictable assessment base,” Wehlage told council.
For non-residential assessments, there was a 2.9 per cent decrease. There were 551 properties that saw a decline between 0.1 and 3.4 per cent and 591 had an increase upwards of 0.9 per cent.
Wehlage highlighted there’s likely to be a “year-over-year decrease in the non-residential portfolio,” with the most coming from hotels. Compared to a $138 million assessment last year, it was $115.3 million for a roughly 18 per cent drop. He said that was consistent across the province.
“Not all properties or sub-property types will increase or decrease at the same rates,” Wehlage said. “Often times from different periods in time, you are going to have some change in market demands, with respect to location or physical characteristics.”
Under provincial legislation, assessments are completed each year. Benchmark is in its second year of being contracted by Canmore to calculate the assessment values.
The market value of properties are as of July 1 and the physical condition is based on Dec. 31 in 2020.
The market value is based off the price a person may get if they were selling their property on the open market. The mass appraisal is when a group of similar properties are calculated by looking at the market sales, data such as income and expense information, to create valuation models.
Property assessments are separate from tax notices, which won’t be set until the budget’s approved later this month and the mill rate is set in May. The impact on property taxes won’t be known until later this year.
According to the report, the assessment notices were mailed out Feb. 12 and any complaints have a deadline of April 21 to be filed.
Linear designated industrial properties had their notice mailed out Jan. 31 and non-linear designated industrial properties are Feb. 28.
Three areas in town – Peaks of Grassi, Larch and the Lions Park area – were also re-inspected. Wehlage said a re-inspection can take place if there’s several complaints from one region on their assessments.
“We did have a lot of phone calls in these areas and they did sneak up to the forefront.”
Visit www.canmore.ca/assessments for more information.
By the numbers:
- Taxable assessment: $8.9 billion
- Total assessable parcels: 12,472
- Single-family homes: 3,392
- Residential condo units: 4,642
- Commercial and industrial: 1,767
- 104 Armstrong Place: +13.1 per cent
- 107 Montane Road: +12.5 per cent
- 107 Montane Road: +10.1 per cent
- 160 Kananaskis Way: +116 per cent
- 901 Mountain St.: +30 per cent
- 1206 Bow Valley Trail: +19 per cent
- 140 Kananaskis Way: +16 per cent
Notable increases in assessment from new development:
- Vue Canmore at 120 Kananaskis Way: Added $4.4 million
- The Shops of Canmore at 300 Old Canmore Road building No. 3: Extra $3.4 million
- Coast apartments at 521 Old Canmore Road: Extra $3 million
- The Residences at 7th and 7th at 810 Seventh St.: Additional $3 million
- Base Camp Suites at 721 Ninth St.: Added $1.6 million
- Moose Meadows at 306 Bow Valley Trail: Additional $850,000