Accurate Assessment Group Ltd. described Chestermere’s 2022 market year-over-year change as incredible.
Assessment Specialist Bob Daudelin presented the 2022 overview assessment to councillors during the April 25 council meeting.
“This was a very healthy assessment year, 2022. There were a profound number of development permits taken out, new construction, and the market year-over-year change was quite incredible,” Daudelin said. “In all of the municipalities we do, this particular year-over-year change was the greatest.”
Daudelin explained the residential assessment year over year increased by 19 per cent, non-residential increased by 26 per cent, linear increased by 7 per cent, and exempt increased by 10 per cent, with a zero increase to farmland.
“Overall, a total assessment base increased by 19 per cent,” Daudelin said. “This year was quite incredible.”
He noted growth and market inflation contributed to the increase of the residential assessment, with an 8 per cent increase in new construction and more than an 11 per cent inflation increase.
A 26 per cent increase in the non-residential assessment was due to a 15 per cent increase in new construction, and approximately an 11 per cent market increase.
In 2022, there were 1,343 development permits issued.
“This is the highest number of development permits that we’ve ever encountered with the city,” Daudelin said.
There are approximately 9,000 taxable properties in the city, and more than 80 per cent of the properties incurred an assessment increase with the majority being between 1 per cent and 25 per cent.
“Approximately 70 per cent of the properties are incurring anywhere from $25,000 to $100,000 increase in value year over year,” Daudelin said.
He explained a variety of factors are taken into consideration when calculating the assessment value including location, lot size, age, condition, and market value.
Residential Assessor Jesse Nelson explained that every five years a property has to be physically re-inspected.
During the inspection, the condition of the property is reviewed, if anything has been renovated, or is deteriorating, and if new structures have been installed. Photos of the properties are also updated to confirm if there have been any changes.
Property owners will then receive a request for information letter within the reinspection area, seeking updated information about the property.
“In most cases, the assessment stands where it’s at, with ample evidence to support where it is,” Daudelin said.
Going forward, Accurate Assessment Group Ltd., will mail out assessment notices, respond to inquiries, and concerns until May, then begin to reinspect properties.
