The average single-family home in Cochrane is assessed at $455,900, a 3.02 per cent decrease from 2020
There was also a decrease of 2.55 per cent for condominiums and a nominal 0.06 per cent decline in the assessment of duplexes and townhouses.
On Jan. 11, town council approved the 2021 assessment roll that will be used to establish property tax rates this spring.
Gail Butz, town manager of assessment and taxation, provided council with an overview of shifts and changes in the assessment.
Nonresidential property assessments dropped to $390 million from $401 million, a 2.7 per cent decrease. The assessment of industrial properties saw a nominal increase of 0.85 per cent to $142.7 million from $141.54 million.
The assessment of the Community Revitalization Levy (CRL) zone decreased to $142 million from $148 million, a 3.7 per cent decline. Taxes collected from the CRL zone are used exclusively for town infrastructure improvements within that zone.
Due to parcel growth, the town saw an overall assessment increase of 2.39 per cent to $5.83 billion from $5.7 billion.
Cochrane properties are 88.5 per cent residential and 11.5 per cent non-residential, compared to 88.64 per cent and 11.36 per cent in 2020. When factoring in commercial land in the Community Revitalization Levy (CRL) zone, the split is 86.56 per cent residential and 13.44 per cent.
Assessment notices are scheduled to be mailed on Jan. 21 to give property owners time to review their assessment and raise any concerns before taxes are calculated. Anyone who has concerns with the assessed value can request more information, raise their concerns, or file a formal complaint by Mar. 30.
The net municipal property taxes remain unchanged for 2021, however, tax rate changes for individual properties are impacted by their assessed values.
While the assessed value of single-family dwellings decreased in most neighbourhoods, there was an increase of 0.38 per cent experienced in Cochrane Heights and 1.37 per cent in The Willows. The assessment increased by 1.21 per cent in Riversong. Duplexes and townhouses.
The largest decrease in assessed value was experienced in the Sunset Ridge neighbourhood, dropping 5.38 per cent for single-family dwellings and 6.36 per cent for duplexes/townhouses.
Assessments are prepared annually and are based upon local economic conditions as of July 1 and the physical condition of each property on Dec. 31. Assessments do not reflect a single sale price but show a typical market value on the same date each year.
Property taxes account for 49 per cent of the town’s operating budget.