Altus Newsletter - Your 2015 Calgary Assessment Notices have been mailed! Now what...
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This document summarizes the results of Altus Group's property tax consulting services for the 2015 tax year. Key highlights include significant assessment reductions achieved for downtown office properties through arguments regarding rental rates, vacancy rates, and capitalization rates. Similar successes were achieved for suburban office, retail, and industrial properties across Calgary. The document outlines important dates for the assessment process and encourages property owners to have Altus Group review their 2015 assessment notices to ensure fair market values.
Altus Newsletter - Your 2015 Calgary Assessment Notices have been mailed! Now what...
- 1. Our complimentary services: Lunch n Learns: Property Tax 101 Property Assessment & Taxation Estimates Other Resourceful Property Tax Documentation P R O P E R T Y T A X C O N S U LT I N G 2015 Assessment Notices Have Been Released Altus achieved significant reductions for Downtown office properties including: AA class rental rate, A- and C- vacancy rate, and B class capitalization rates. Successfully increased Beltline B class office capitalization rate to 6.50% from 6.00%, as well as Flood adjustments and reductions to East end parking rates and West end land values. Suburban office resulted in reduced rental rates and increased vacancy rates for various properties City-wide. Capitalization rates for Regional malls were revised to 6.75% from 6.50%, Big box retail achieved rental rate revisions to $9.00 psf from $10.00 psf and the junior big box category in Power Centres received various rental rate reductions. Approximately 70% of industrial hearings resulted in reductions attributed to sales comparison arguments, the removal of GST from cost valuations, equity revisions based on multiple building properties (more than one building on a parcel) and development land dedication areas. Successful in reducing the gross income multiplier, site specific/ market rental rates and physical condition adjustments. Site specific adjustments in all property types and geographic regions. Highlights of 2014 Assessment Year Altus continues to be the leading tax service provider in Calgary and Canada. Providing property owners with the best opportunity to manage their property taxes, through unmatched experience, expertise, and superior data. Provided below are some of the highlights for 2014 assessment year: Your 2015 Property and Business assessment notices were mailed on January 5, 2015. To ensure that your assessment is fair and equitable, please email them to Calgarytax@altusgroup.com, for our prompt review and recommendation January 5, 2015 Calgary Property & Business Assessment Notices mailed January 5 March 6, 2015 City of Calgary Customer Review Period March 6, 2015 Assessment Complaint filing deadline Key Dates
- 2. 1.403.508.7770 calgarytax@altusgroup.com www.altusgroup.com 2020 4th Street SW, Suite 310, Calgary, AB T2S 1W3 Canada 2015 Advance Consultation Period (ACP) Success Rental rates for Big box retail 100,000 sf + were reduced from $12.00 psf to $9.00 psf. Grocery C class supermarkets received a rental rate reduction from $10.50 psf to $9.00 psf. Class A Regional mall capitalization rates increased from 5.25% to 5.75% Class B Regional mall capitalization rates increased from 6.00% to 6.50% Enclosed Neighborhood/ Community Centre capitalization rates increased from 5.25% to 6.50% Strip Centre capitalization rates increased from 5.50% to 5.75%. Retail: Office: Downtown office B class capitalization rates were increased from 5.0% to 5.5% Downtown office AA (old) class received reductions to the rental rate from $34.00 psf to $32.50 psf. Suburban office vacancy rates were increased from 2.0% to 4.0% for A class South East office South parking rates reduced from $1,440 to $1,320 per year Quarry Park capitalization rates were revised from 5.25% to 5.5% as well as the rental rates from $27.00 psf to $26.00 psf The City of Calgarys Assessment Search online system allows you to access details on your business and property assessments and authorize an agent to act on your behalf. If you have not already authorized Altus Group as an agent, you can do so by going to: www.calgary.ca/assessmentsearch Additional information on how to set up your account is found at www.calgary.ca/PDA/Assessment/Pages/ Assessmentsearch.aspx. Altus Group is available to assist you with any questions or concerns that you may have with the setup of your online account. For assistance regarding online registration please contact: CalgaryTax@altusgroup.com, or contact: Assessment Search Kyle Fletcher Vice President 403.508.7692 kyle.fletcher@altusgroup.com Steve Eady Senior Director 403.476.1026 steven.eady@altusgroup.com Josh Weber Senior Director 403.508.7863 josh.weber@altusgroup.com Doug Hamilton Senior Director 403.508.7812 doug.hamilton@altusgroup.com The City ACP period was a success for many retail and office properties this year. Many arguments that we would typically have to take to the review boards found traction with the City at ACP. The result is tax savings and, in some cases the final value resolution early in the process. Highlights of some key successes include: Despite this we still strongly recommend a detailed assessment review for all properties during the Customer Review Period (January 5 - March 6). There are many moving parts as the city sends the annual assessment roll and it is in your best interest to ensure market value and equity requirements have been preserved. Please provide us with all of your notices so we can ensure your assessments and taxes are fair.