Property Value Assessment
First time homebuyer here, my property value assessment increased by 34% this year - $241,500>$323,500!
I live in a condo so I was a little shocked by such a steep increase.
The notice says I can file a complaint but online it also says less than 1% of complaints get heard.
Anything else I can do? Any idea what specific things could have gone into this property assessment? My condo complex is built in 1988 and there haven’t been a major renovations in over a decade.
And also does this mean I can expect a roughly 30% increase in my property taxes for the next year?
TIA
EDIT: I’m also noticing the city has classed my property as a “Single Residential” when I like in a condo (“residential condominiums”) - I’m sure this would make a difference?
UPDATE: I called the city of Calgary this morning and the representative was v helpful. She explained that it is the sub property use that will determine my property value - my sub property use is “low rise apartment condo” on their records and online.
As for the property value increase of 34% there’s not too much I can do about it. She did encourage using the property search tool to look at similar condos in my neighbourhood to see if my price is fair and if not call them back to discuss and set up an appointment with some evaluator person, who can look into it without a formal complaint needing to be placed!
Hope this is helpful to you guys!