Calgary hoteliers are facing a 40% property tax hike as their pandemic-ravaged business improves, the Calgary Herald reports.
As the sector continues to recover from the effects of COVID-19, local hotels are now worth more. The assessed value of local hotels has jumped 42% to $1.18 billion for the forthcoming tax year from $832 million in the current year, the Herald reported.
Early city estimates indicate that the local tax load for hotels will explode 43% to $26.3 million in 2024, up considerably from $18.4 million in 2023, pending final assessments.
“They are hammering our sector,” Mark Wilson, a vice-president and partner with the Hotel Arts Group, told the Herald.
The City of Calgary holds consultations with property owners before issuing final assessments. But it remains to be seen how many hoteliers will be able to reduce their property tax payments.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.