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HomeNewsGrande Prairie residential property values down more than 5 per cent

Grande Prairie residential property values down more than 5 per cent

Grande Prairie property owners should soon be getting their assessment notices in the mail, and shouldn’t be surprised to see numbers go down. The average assessment for a residential property went down by just over 5 per cent from July 2015 to 2016, while industrial and multi-family properties also saw a drop. Last year they went up by around five per cent, while residential stayed stable.

City assessor Scott Smith warns anyone who thinks their assessment is too high that they should consider whether it’s realistic as of July 1st of last year. The market has continued to decrease in the seven months since.

Anyone who disagrees with the value or who has questions can file a complaint by April 3rd. City council will set the mill rate after the provincial budget is released, and that’s how this year’s property taxes will be calculated.

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