Updated Cochrane Property Tax: A Must-See For New Home Buyers

cochrane property tax

If you ever want to buy a house in Canada, you must first understand the property taxes in various places in Canada.

In this post, we will try to outline in detail the property tax in various cities in Alberta Canada, especially the updated Cochrane Property tax and we will try to make this complex discussion as simple as possible.

Depending on where you want to buy your property in Alberta Canada, you will have to pay a different tax rate for all the cities.

This post will be discussed under 4 headings as outlined below:

  1. Calculation of property tax and Assessed Valued.
  2. How and when to pay Property Tax.
  3. Tips On How to pay lesser taxes, and how to check if you are tax exempt.
  4. Cochrane Property tax, and the updated Cochrane property tax.

Let’s Dive right in.

HOW PROPERTY TAX IS CALCULATED/ASSESSED VALUED

cochrane property tax calculator image

Every year, properties ranging from residential properties, acreages to commercial buildings are assessed, and this assessment is usually private, however, and known only to the owner.

Property taxes are levies that governments use as a source of tax revenue. This is usually done by calculating the assessed value of the property and the government property tax rate of a particular region or municipality in Canada.

In Canada, every province has its own assessment body that oversees and regulates property assessments. Each municipality In Alberta is responsible for her real estate property assessment but are regulated by the provincial Assessment Audit Unit. 

The property assessed value depends on several factors such as:

  1. Size of property
  2. Amenities in your area such as Hospitals, Schools, Playgrounds e.t.c.
  3. The size of land your house is on.

How and when to pay property Tax

It really depends. You can decide on when you want to pay your property tax, either yearly or monthly. Property taxes are usually paid to the bank along with your mortgage payment..

How to pay lesser taxes, and how to check if you are tax exempt.

As said earlier, property tax differs from city to city in canada. Every city has their own standard of who is tax fully exempt(Does not pay any tax on his or her property) or partly tax exempt (Pays tax on his or her property). Usually, tax exemption is given on two conditions: That your total gross household income is less than $34k a year plus, you must live there permanently. Tax exemption is usually given to:

  1. The disabled
  2. Seniors
  3. Indigenous. All these still depend from city to city.

Updated Cochrane property tax.

Find below the tabular illustration of the updated Cochrane property tax rate for 2020 and 2021 for various possible assessed amounts.

Assessed Valued Of $300k to $500k By Cities In Alberta.

Property-Tax-Notice
ProvinceCityAssessed Value of the PropertyProperty Tax Value ($)Residential Tax Rate (%)
AlbertaAirdrie300k, 400k, 500k2,216, 2,955, 3,6940.738744, 0.738744, 0.738744
AlbertaBeaumont2,860, 3,814, 4,7670.953430, 0.953430, 0.953430 
AlbertaBrooks3,331, 4,441, 5,5521.110340, 1.110340, 1.110340
AlbertaCalgary2,257, 3,009, 3,7610.752230, 0.752230, 0.752230
AlbertaCamrose3,356, 4,475, 5,5931.118630, 1.118630, 1.118630
Canmore1,453, 1,937, 2,4220.484368, 0.484368, 0.484368
Chestermere2,300, 3,067, 3,8340.766718, 0.766718, 0.766718
Cochrane2,225, 2,967, 3,7090.741820, 0.741820, 0.741820
Cold Lake3,315, 4,420, 5,5241.104890, 1.104890, 1.104890
Edmonton2,798, 3,730, 4,6630.932570, 0.932570, 0.932570
Fort Saskatchewan2,511, 3,347, 4,1840.836870, 0.836870, 0.836870
Grande Prairie3,602, 4,803, 6,0041.200830, 1.200830, 1.200830
High River2,884, 3,845, 4,8060.961170, 0.961170, 0.961170
Lacombe3,190, 4,254, 5,3171.063400, 1.063400, 1.063400
Laduce3,033, 4,044, 5,0561.011100, 1.011100, 1.011100
Lethbridge3,419, 4,559, 5,6991.139770, 1.139770, 1.139770
Sylvan Lake2,704, 3,606, 4,5070.901380, 0.901380, 0.901380
Wetaskiwin3,653, 4,871, 6,0881.217690, 1.217690, 1.217690
WhiteCourt2,583, 3,444, 4,3050.861080, 0.861080, 0.861080
find the rest on Wowa Property Tax Calculator 2021

Property Tax Estimator 2020 For Various Property Types In Cochrane and Calgary

Cochrane (300k-500k)

Property TypesPurchase Price (300k, 400k, 500k) ($)Estimate Ranges For 300k ($)Estimate Ranges For 400k ($)Estimate Ranges For 500k ($)
Condo Apartment2,015, 2,686, 3,3581,880 – $2,0632,506 – $2,7503,133 – $3,438
Condo Townhouse2,126, 2,834, 3,5432,126 – $2,1262,834 – $2,8343,543 – $3,543
Detached House2,052, 2,736, 3,4202,015 – $2,1202,686 – $2,8273,358 – $3,534
Semi-Detached2,052, 2,736, 3,4202,015 – $2,1202,686 – $2,8273,358 – $3,534

Calgary (300k-500k)

Property TypesPurchase Price (300k, 400k, 500k) ($)Estimate Ranges For 300k ($)Estimate Ranges For 400k ($)Estimate Ranges For 500k ($)
Condo Apartment1,907, 2,543, 3,1791,695 – $2,0602,260 – $2,7462,826 – $3,433
Condo Townhouse1,907, 2,543, 3,1791,695 – $2,0602,260 – $2,7462,826 – $3,433
Detached House1,993, 2,657, 3,3221,881 – $2,0692,508 – $2,7583,135 – $3,448
Semi-Detached1,993, 2,657, 3,3221,881 – $2,0692,508 – $2,7583,135 – $3,448

Let us turn it over to you.

Now that you have the updated Cochrane Property Tax at your disposal, what steps are you going to take next?

Let us known in the comment box below.

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