Cochrane’s yearly property assessment notices are on the way, and latest figures from the Town show that the average single-family property in Cochrane will see an increase from $615,500 to $680,700 for 2025.
Assessment notices will be mailed on Jan 23, 2025. This will be followed by a 60-day review period from Jan 31 to April 1 will give property owners the chance to review their assessment details.
In a press release from the town of Cochrane, the average single-family assessment is expected to increase by 10.59 per cent. Non-residential assessments for commercial and residential assessments increased by four per cent and 10 per cent.
Assessments are based on the market conditions as of July 1, 2024, and the physical condition of properties as of Dec. 31, 2024.CFO and Director, Financial & Assessment Services for the Town of Cochrane, Alvin Allim outlines that property assessment are an essential part of ensuring fairness and equity for tax distribution among Cochrane property owners.
“As our community continues to grow, these assessments reflect the increasing demand for housing and the value of living in Cochrane,” Allim said. “We’re here to answer any questions residents may have and to support a smooth process for everyone involved.”
Assessments are prepared annually through mass appraisal techniques. This is done by grouping similar properties which establish typical market values. Assessments reflect market trends, but not individual sale prices. Any changes in assessed value reallocate tax responsibility based on property value changes relative to others in its class.
Property taxes are influenced by factors including municipal budget requirement and provincial requisition for education and seniors’ housing.
“Property assessments determine each property's share of the tax base, but the amount residents pay depends on Council’s budget, the overall assessment base for the Town, and the province’s education property tax requisition,” Allim said. “Approximately 30 per cent of property taxes are allocated to support Alberta’s education system for all public and separate school students.”
A tax estimator is available on the Town of Cochrane website to help show property owners their approximate taxes with their 2025 assessment, the portion distributed to provincial services, and the distribution to municipal services based on their 2024 tax rate.
Tools to compare previous property assessments and similar properties in the same neighbourhood can be found online by visiting Cochrane.ca/assessment. Any questions and concerns can be directed to Cochrane’s assessment department via [email protected]. For instances of further review following discussions with the assessment department, formal complaints can be filed before the April 1 deadline.
The Town of Cochrane also offers a Tax Instalment Payment Plan. Residents can pay got monthly instalments over a single full payment in June. More information can be found on cochrane.ca/TIPP.
