Homes in Calgary flood zone still taking assessment devaluation — even if they weren’t damaged

More than a year after flood waters poured into hundreds of Calgary riverside homes, property values continue to droop substantially, according to the latest city assessment data.

Last year, the city reported that 1,939 properties needed to have their values slashed because of the flood — be it from damage or from how the sales market treated flood-zone homes. Together, those homes shed $405 million — or an average of $208,870 per property.

Things improved this year, but only slightly, city assessor Nelson Karpa said. His team determined 305 of those residences no longer need that devaluation for property tax purposes, but that means that 1,634 parcels still have lowered assessments.

Read full article here.

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