Calgary Homeowner Shocked by 60% Property Assessment Increase

Stan Valant, a dedicated resident of Calgary's Silver Springs community for nearly 30 years, is in disbelief over the city’s latest property assessment that has drastically raised the value of his bi-level home. Despite making no renovations or upgrades, Valant’s 1,084-square-foot house, valued at $673,000 in 2023, has now skyrocketed to a staggering $1 million.

"This makes no sense. There’s absolutely no way anyone would buy my home for that amount," Valant protested, expressing his frustration with the city’s tax assessors. His feelings echo the sentiments of many local homeowners who are grappling with unexpectedly high increases in their property taxes.

In a city-wide trend, the City of Calgary reported a substantial average increase in residential property values of around 15% last year, leading to tax hikes averaging 5.5%. But for homeowners like Valant, whose property value surged by an eye-popping 60%, the situation is particularly alarming. According to Eddie Lee from the city, homeowners with assessments that exceed the average value increase face significantly higher tax bills.

Councillor Sonya Sharp noted that such extreme jumps in property assessments are rare but can have severe repercussions for residents. The council member advised homeowners like Valant to initiate their appeal process as quickly as possible. "It’s a complex endeavor, but I highly recommend it. If there’s an error on the city’s part, it will be rectified," Sharp explained.

In Calgary, approximately 2,700 residents, which is about 0.05% of homeowners, lodged appeals last year, though success was not guaranteed for all. Valant intends to challenge his staggering assessment, cognizant that the financial burden could jeopardize his ability to remain in his home as a senior citizen on a fixed income.

"I have no choice but to appeal; it’s vital for my financial survival," he emphasized. For those contemplating a similar appeal, it’s crucial to be well-prepared. Homeowners must gather substantial evidence to support their claims, including property size details, photographs, and comparisons to recently sold homes in the neighborhood.

Additionally, the city offers a helpful online session named "Ask an Assessor," set for January 21 from 7 to 8 p.m., aimed at guiding residents through the appeal process. Interested parties should reserve their spots in advance, as this resource is expected to be in high demand.

Valant’s story is a poignant reminder of the reality facing many Calgarians navigating the swirling tides of the real estate market and increasing valuations. Will he succeed in lowering his property assessment, or will the rising tide of costs wash him away from his beloved home? Stay tuned to find out!