It’s spring in Canmore, which means you have received your Town of Canmore Property Assessment Notice. Not a big surprise when that deep yellow paper arrives, but do you agree with the assessed value of your home? That’s always the big question. For some of us, the assessed value of the property is a pleasant reminder of the increased value of our home, how owning in Canmore is an excellent investment. For others, the assessed value may be a little higher than they believe to be fair market value.
If the property is assessed too high, it is 100% in your interest to have it reviewed. After all, taxes go up, not down. It’s also critical to consider that this could be a case of compounding interest working against you if you do not take the time to have the property assessment reviewed.
Property Assessment Notice Reviewal
The town of Canmore sends the yellow assessment notices out at the beginning of March. Property owners have 60 days to review the assessment. In most cases, the homeowner receives the notice well after the mailing date, which means you have less than 60 days to review as the clock begins running shortly after the mailing date, which the town calls the assessment date. Either way, you likely received the mail well into the reviewal period. If you wish to believe the property to be evaluated too high, then it’s worth having the property assessment reviewed; it is just a matter of reaching out to Benchmark Assessment Consultants who serve the town of Canmore.
Standing Pat
For the many of us who are content with the assessed value of our property, then stand pat, don’t try to fight it. Sit in comfort in the knowledge that you have a great property in a great town that is going up in value and paying “fair” property taxes.
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Key Takeaway
As much as the assessed property value may be a pleasant surprise, there is a very good chance that that value is much lower than today’s market. Yes, you read that correctly. Canmore has become a robust real estate market that serves Albertans, other Canadians, and International investors. In many cases, today’s property taxes are likely 25% below today’s actual Canmore housing market. Selling in today’s real estate market would unlock a lot of capital.
Owning a home in Canmore is an excellent investment. It’s essential to keep your capital working for you. A simple reviewal is a way to save more money in your pocket.
