Residential property values in Okotoks have seen another double-digit increase.
Homeowners can expect their property assessment notices to arrive this week after they were mailed by the Town on Jan. 13.
The average residential assessment increased by 14 per cent year-over-year, meaning the average single-family home is assessed at $671,000, compared to $603,000 in 2024, the Town said.
The rise is due to continued strong home sales, high market prices and increased housing demand, the Town said.
Last year's property assessment notices included a 20 per cent increase to the average home.
Mayor Tanya Thorn cautioned that a rise in assessed value doesn’t mean a homeowner will see an equal jump in property tax.
“We want residents to understand that a 14 per cent increase in their property assessment does not equate to a 14 per cent increase in their property tax bill," Thorn said.
"The impact on your property taxes depends on how the increase in your property's assessed value compares to the changes in value of other properties across town."
CAO Elaine Vincent said homes that increased in value roughly 14 per cent will see a tax increase roughly in line with the 2025 tax increase of 4.8 per cent.
“We encourage property owners to take a look at their assessed value from last year and compare it to their assessed value for this year,” Vincent said.
A property assessment that increased higher than average will likely see a higher tax increase, and an assessment that saw a below average increase likely won’t see as big of a jump.
Property owners can review their assessment and raise questions or concerns during a review period that ends on March 24.
There were 12,637 taxable properties assessed, including residential and non-residential, with a combined value of $8.13 billion, compared to 12,502 properties valued at $7.17 billion the year before.
Non-residential assessments rose an average of 12 per cent.
Property assessments are based on market conditions as of July 1, 2024, and the physical conditions of the property as of Dec. 31. They are used to calculate property taxes that are due by June 30.
