The vast majority of Cochrane households will see a decrease in the assessed value of their home for this year.
The average local single-family home assessment decreased 3.02 per cent from 2020. This year, the average assessed value of a single-family home is $455,900.
The average assessment for condos decreased by slightly less from 2020, 2.55 per cent, and the average for duplexes or townhomes went up 0.06 per cent.
Commercial and industrial assessments remained relatively stable. Non-residential properties constitute 11.5 per cent of all properties in Cochrane, compared to 11.36 per cent last year.
The assessments, prepared annually as required by the province, are based on local economic conditions as of July 1, 2020 and the physical condition of the property on December 31, 2020.
“Assessments are prepared using mass appraisal techniques, which determine property values by grouping similar properties at a specific point in time,” reads a release from the town.
“Assessments do not reflect a single sale price, but show typical market value on the same date each year.”
Assessment notices should be mailed out on January 21, and the town notes that they’re sent separately from tax bills. After receiving their assessment, property owners have until March 30 to review it and possibly request more information or file a formal complaint.
Tax bills are sent out in May.
Before filing a complaint property owners can contact an assessor from the town at 403-851-2950 to talk about concerns. If it can’t be resolved, there’s a formal hearing process with the Assessment Review Board.
More information on the assessment process is available at cochrane.ca/Assessment. To determine if an assessment is reasonable, the town suggests comparing it to similar properties online at Cochrane.ca/PropertySearch or by calling 403-851-2950.