Banff property owners can expect to see their assessment notices in the mail by week’s end – with residential property values remaining relatively flat and commercial properties increasing for the first time in years.
The assessment trends, which were presented to Banff Town council on Monday (Feb. 25), show an overall 3.51 per cent increase for 2013, based on the property evaluation date of July 2012.
Officials with the municipality’s independent assessor say that’s the first increase in at least four years, noting a 1.21 per cent decrease for 2012, a five per cent decrease for 2011 and a 20 per cent decrease for 2010.
“It seems that, based on what I’ve seen, there’s been a turnaround, certainly in the hotel sector and certainly in the downtown sector,” said assessor Frank Watson, of Bow Valley Property Valuators.
Shifts in assessment show full service hotels up in value by 6.3 per cent compared to a decrease of five per cent, 24 per cent and 33 per cent respectively in 2012, 2011 and 2010.
Resort hotels are up in value by 15.5 per cent, hotels with limited services are up 6.4 per cent and downtown properties are up in value 8.2 per cent.
Hotel assessments are based on a weighted average using 10 per cent of 2009 income and expenses, 20 per cent of 2010 income and expenses and 60 per cent of 2011 income and expenses.
Assessments of downtown commercial properties and industrial properties are based on 2012 rents.
Watson said the value of residential homes in Banff remains relatively flat, with just a 0.1 per cent increase. Banff Housing Corporation homes did not increase more in value compared to other properties in town.
“There’s really little change in value for residential properties,” he said.
The 2013 property assessments have been completed and will be mailed out prior to Feb. 28.
These assessment values will be used to determine the amount of tax to be charged to each property owner. Once the provincial school tax requisition is known, administration will bring a report to council to set the mill rate.
“From an economy perspective this is good news,” said Banff Mayor Karen Sorensen. “We’ve still got a ways to go, though.”
