Calgary property values pounded by pandemic fall as city sends out 2021 assessments

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One dramatic blow to residential values was the savage June 13 hail and rain storm that mainly clobbered northeast neighbourhoods and caused $1.4 billion in insurable damage, costing city coffers $100 million.

As of Dec. 31, a total of 7,500 of hail damaged homes had yet to be repaired, said Lee.

Taking the biggest hit to their property values were many types of businesses with an average 6 per cent drop in assessed value.

Calgary’s office sector continued its long struggle by falling by 13 per cent in value, those in the downtown core by 15 per cent with a vacancy rate of 27 per cent when subleases are included, says the city.

Most severely impacted of all were pandemic-ravaged hotels whose values fell by a whopping 21 per cent “due to restrictions and cancellations of major events,” said Lee.

But some pandemic-essential businesses thrived, reflected in their sturdy property assessments, he added.

“With grocery stores , you’ll see less decreases or their values being stable,” said Lee.

Last fall, council approved 2021 budget adjustments, adding in a $21-million rebate for businesses, ensuring non-residential property tax bills don’t increase by more than 10 per cent.

That blunted a hike that could have reached 25 per cent for some businesses.

The 2021 budget will also contain $90 million in budget cuts across city services and a reduction of 162 full-time positions.

Homeowners have until March 23 to file a complaint to the assessment review board if they disagree with the city’s calculations.

Property tax bills will be mailed out in May.

BKaufmann@postmedia.com

on Twitter: @BillKaufmannjrn

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