Red Deer property assessment notices are in the mail and over 40,503 homeowners will be getting one.
Although Red Deer economy is seemingly stable through Alberta’s recovering economy, this year the overall residential valuation saw decreases of around two per cent.
The average value of a single-family detached home that was $334,000 last year, would be looking more like $329,000 this year.
Other property types with changes include:
- Residential townhome, duplexes and mobile homes decreased by an average of 3%.
- Non-residential industrial properties decreased by 0.71%.
- The retail sector showed gains for the second year in a row, increasing by 3%.
The 2019 assessments reflect the property’s market value as of July 1, 2018, and its physical condition as of December 31, 2018.
For this reason, a property’s assessed value may differ from the current market or a real estate appraisal. A decrease in a property’s assessed value is not always reflected in a lower property tax bill.
Property tax rates are determined by City Council each year as part of the budget process.
A portion of the tax collected is sent directly to the Government of Alberta to fund provincial education and seniors housing.