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Understanding your Property Assessment 2022

May 3, 2022

Property Taxes for 2022 increased by 4.54%.  This increase in property taxes for 2022 is NOT for Municipal operations but for requisitions and payments to third parties.
 

Pincher Creek Emergency Services 2.56%
RCMP Payment to Province 0.93%
Education Requisition 0.80%
Crestview Lodge 0.25%
             Total 4.54%
 
What is a Tax rate?
A tax rate is the rate of taxation applied against the value of property within a municipality to collect the revenue required by the various taxation authorities.  Normally the tax rate is expressed in mills (dollars in tax paid per thousand dollars of property value) or sometimes as a percentage of the property’s value (i.e. a tax rate of 1.5% on a home valued at $100,000 would require the payment of $1,500 in annual property taxes).

What can I do if I disagree with the Assessors estimate of my property value?
Prior to filing a written complaint, you are encouraged to fill out the assessor’s inquiry form at http://www.kcl-consulting.com/inquiry-form/ or contact the Town of Pincher Creek at phone number 403-627-3156 to request that the designated Assessor Review your property assessment. If the Assessor determines that an error has been made, your assessment will be revised.

I still disagree with the assessment or tax classification.  What should I do?
You may appeal your assessment by filing a formal complaint to be heard by the Local Assessment Review Board (residential property with 3 or less dwelling units, farmland, or matters shown on a tax notice other than the property tax notice) or the Composite Assessment Review Board (residential property with 4 or more dwelling units or non-residential property).
All assessment complaints must be detailed and submitted in writing to the Municipal office on or before the final date of complaint as noted on the front of the 2022 Combined Assessment and Tax Notice.  The written complaint must include the correct fee as detailed below:

Assessment Type                         Fee per Property
Multi-family unit                               $500
Residential                                       $50
Non-residential                                $500
Assessment appeal fees will be returned if the Assessment Review Board decides in favor of the residential complainant. An assessment appeal does not exempt you from paying taxes on time or from late payment penalties.

Can I appeal my taxes?
No.  You can appeal only the assessment of your property.

How we assess your property:
Market value assessment is highly transparent:  the real estate market is publicly visible and accessible.
As real estate markets change within the Municipality, so do market value assessments.  The real estate market establishes the value of your property.  We simply measure that market value as of July 1, 2021.
Municipal assessors consider many factors and use the sales comparison approach to arrive at the market value of a property.
Here is an outline of the process:
1)      Collect sales data & sales property characteristics.  Verification of Property sales and data.
2)      Market analysis.
3)      Property values determined for all properties. Internal market review and equity testing.
4)      Provincial audit/approval.
5)      Assessment roll and notice mailed.
6)      Customer Review Period.
In determining non-residential assessments, we may use any one of three approaches to value, depending on the type of non-residential property:

Sales comparison approach—Sales of similar properties.

Income approach—Capitalize the income being generated by property.

Cost approach—Land value + the depreciated replacement cost of the property.
Whether you own a residential or non-residential property, and regardless of the approach used, the municipality must arrive at a market value assessment.  Market value is recognized as the most understandable, transparent, and objective measure of a property’s worth.  When a property is assessed every year, fluctuations in property taxes are minimized due to the more frequent reassessment process.  Through the annual reassessment process, taxation responsibility is re-distributed from area to area, based on the extent to which values change relative to one another within the municipality.

Understand your Assessment Notice and the assessment process
Read over your Assessment and Tax Notice and ask yourself if the market value displayed on your notice reflects the value of your property given Pincher Creek’s real estate market as of July 1, 2020.  Understand the various elements of your notice and review it.  In particular:
·         Your market value assessment.
·         That we have correctly specified your address and any other factual information.
·         Learn more about market value and the Municipality’s assessment process.

Your share
Property taxes help pay for Municipal services that include recreation programs and services, fire protection, emergency and disaster services, roads, and streets.

How your Assessment relates to your taxes
Your assessment is the market value of your property; the value used to calculate your share of property taxes.
                Assessment = market value
Council decides what budget the Municipality needs in the coming year.  Then, using the total municipal-wide assessed property base, Council sets the tax rates to bring in only the funds it needs from property tax.
   Tax rate = Municipal budgetary needs ÷ total
      assessed value of all Municipal properties
 
Your share is calculated according to the assessed value of your property.  No less, no more.
      Individual share of tax = tax rate x assessment


Important Timelines:
July 2021:
  2022 Assessment based on market value of property as of this date
May 10, 2022:  2022 Assessment & Tax Notice mailing
May 17 to July 16, 2022:  2022 Assessment Appeals
June 30, 2022:  2022 Taxes are due

Payment Options:
Cheque
• dropbox at the Town Office 962 St. John Avenue
• mail to Box 159 Pincher Creek, T0K 1W0
Cash
• At any financial institution- please take your bill
Credit Card
• www.PincherCreek.ca/pay
Online
• Set the Town as a payee in your online banking system
Connect with us:
In person by appointment  962 St. John Avenue
By phone                                              403 627 3156
By email                 reception@pinchercreek.ca
Citizen Request                    www.PincherCreek.ca/request
By Fax                                     403 627 4784
Online                                    www.PincherCreek.ca
Facebook                               /TownofPincherCreek
Instagram                               @townofpinchercreek
Twitter                                   @town_of_pc

This is an information brochure only and has no legislative sanction.  For certainty, the Municipal Government Act and Regulation should be consulted.

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