What to know about the 2018 Calgary property and business tax assessments

The City of Calgary says over half a million property and business tax assessments will be mailed out on Thursday.

The assessments, which are an estimate of the market value of your home or rental value of your business as of July 1, 2017, are used to determine municipal property and business taxes.

On Thursday, the city said Calgary residential assessment values have increased by an average of two per cent compared to last year. Non-residential values decreased by about five per cent compared to 2017.

The median assessment for a single-family residential home is $480,000, compared to $460,000 the previous year.

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The median residential condominium assessment, on the other hand, fell to $260,000 from $270,000 in 2017.

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Calgary business and property owners will now have 67 days to review and appeal their assessments.

For more information or to compare your assessed value with other similar properties, visit the city’s website.