The majority of Cochrane residential properties have taken a slight dip in value according to an assessment shift report presented to town council earlier this week.

Today, Cochrane property assessment notices hit the mail and a 60-day review period starts Feb. 2. Ratepayers will have until Apr. 3 to file a complaint.

Town assessors are available Monday to Friday, 8:30 a.m. to 4:40 p.m. at the RancheHouse, explains Gail Butz, Cochrane assessment and taxation manager, and also make themselves available outside normal working hours for inspections or appointments as required.

The assessment shift report presented to council by Butz on Jan. 22, states condominiums dropped an average of 1.29 per cent in assessed value with the biggest drop of 9.17 per cent experienced in Cochrane's east end, followed by Fireside at 7.14 per cent.

Single-family house values dropped an average of 0.44 per cent, although Fireside bucked the trend by climbing 1.72 per cent and the older neighbourhoods of the downtown core, east end and Cochrane Heights saw modest increases. 

In contrast, duplexes and townhouses assessed values climbed an average of 1.47 per cent, despite a 6.44 per cent decline in Bow Ridge and declines of over four per cent in West Terrace, West Pointe, Riversong. 

Condos have an average assessment of $267,500 compared to $271,000 and duplex/townhouses now average $346,600, up from $341,577.

The decline in the average assessed value of residential property is far less than last year. From 2016-17, single-family houses experienced a 3.61 per cent drop, duplex/townhouses dropped 3.37 per cent and condominiums dropped 4.24 per cent. The average Cochrane single-family house is now assessed at $479,300 down from $481,410 in 2017 and $499,448 in 2016. The average duplex/townhouse was assessed at $346,600 compared to $353.492 in 2016 and $341,577 in 2017. Condomiums have faced a steady decline to $267,500 from $271,000 in 2017 and $283,000 in 2016.

Butz's report points out the purpose of assessment is not to reflect a single sale price but to assess properties at their typical market value. They are based upon economic conditions of July 1, 2017 and physical condition of the property as of Dec. 31, 2017.

Questions or concerns about assessments can be raised by contacting the town assessment department at 403-851-2950 or by emailing assessment@cochrane.ca

These assessments are used to determine property taxes and tax notices will be issued May 30 and taxes are due by June 29 to avoid a sizeable penalties.

Regardless of the assessment shift report, the average Cochrane home will be paying 3.06 per cent more in municipal taxes this year as approved by council in December.

In addition to what the municipality expects in taxes, that same bill includes educational tax. The town collects the tax but doesn't keep the funds, nor do they set this tax rate.

Residential/Nonresidential Tax Split

The Nonresidential assessment continues to be dwarfed by residential property. Nonresidential land only makes up 11 per cent of the tax roll, just a slight climb from 10.73 last year.

Not included in the calculation is the Community Revitalize Levy (CRL) collected in the Quarry development. That taxation is specifically applied to improvements in the area that was renewed from contaminated brownfield land into a vibrant commercial district. If that district was included in the assessment roll there would be an 86.81-13.19 split.

The tax assessment in the CRL land continues to climb as more development takes place. The Quarry area is now assessed at $128,373,500 up by about $24 million from $104,101,000 in 2017.

With the CRL land included, the residential/nonresidential land split in Cochrane is about the same as both Okotoks and Airdrie but all are a far cry from that of Rocky View County. Nonresidential land accounts for about 25 per cent of their assessment as they continue to aggressively pursue nonresidential development. RVC has set a goal of a 65-35 split by 2035.