Average residential property values in Mountain View County took a double-digit tumble in Water Valley and east of Sundre between 2009 and 2010, the county's assessment department reported.East of Sundre, average values declined 13.11 per cent from $422,493 to $367,088, while Water Valley saw values drop by 12.5 per cent from $539,660 to $472,380, according to the 2010 market summary report presented to council's policies and priorities committee last week.The hypothetical residence is a 1,400-sq.-ft. ìaverage-quality bungalowî built in 1990 and situated on a three-acre lot.The drop brings assessed values in Water Valley in line with the area north of Olds, which averaged out to $470,038 (down 1.82 per cent from $478,750 in 2009), and puts the area south of Carstairs ahead of Water Valley as the most expensive residential real estate in the county.The average residence south of Carstairs was assessed at $502,687 in 2010, dropping only 1.24 per cent from $508,990 the previous year.In other areas, average values east of Didsbury declined by 4.52 per cent from $424,060 to $404,872, east of Elkton dropped by 8.96 per cent from $419,750 to $382,160, and east of Highway 2 dipped 3.53 per cent from $392,080 to $378,238.Despite the across-the-board downturn, the county's assessment department said its overall analysis ìsupported a slight increase in residential market valuesî in 2010.With real growth rising more than $50 million (2.45 per cent) and market growth up by $26 million (1.27 per cent), total residential assessment for the year was $2.132 billion compared to $2.056 billion in 2009, a combined increase of 3.72 per cent.For land values, the report said changes ranged from a 17 per cent decrease to 19 per cent increase, based on 334 sales that occurred between July 1, 2007 and June 30, 2010.The residential building and structure market analysis, based on 514 sales during the same period, found an average 7.94 per cent increase in building values.ìAlthough some building assessments increased, a large portion of properties experienced a decrease,î the report said.Overall growth numbers, corporate services director Greg Wiens told P&P Wednesday, were ìquite modestî compared to previous years.ìThere is a lot of assessment there, but not much growth.îThe market summary report also found:ï Total county assessment rose 2.37 per cent to $4.097 billion, an increase of $94.7 million.ï Non-residential (commercial-industrial) values increased 7.59 per cent from $225.8 million to $242.9 million.ï Machinery and equipment assessments rose slightly (0.72 per cent) from $419 million to $422 million.ï Farmland was assessed using a provincially regulated base rate ñ $350 per acre for 100 per cent productive land and decreasing if land characteristics affect the ability to earn farm income. The only change in MVC was a reduction in the total acres of farmland due to subdivision and the Sundre annexation, cutting the total assessment by 0.11 per cent from $159.5 million to $159.3 million.ï Linear assessment dropped by 0.15 per cent ñ or $1.66 million ñ from $1.142 billion to $1.140 billion.ï The assessment of wells increased by 4.47 per cent to $444 million, attributed to changes in production. A total of 142 new wells were drilled in 2010, compared to 156 in 2009.ï Pipeline assessment decreased by 3.85 per cent to $639 million due to a change in rates. About 193 kilometres of new pipeline was laid in 134 new locations in 2010, down from 277 kilometres in 2009.Set by the province, the market decrease in pipeline assessment ìis the biggest decrease here,î said assessment services manager Eloise Comrie, who presented the report to P&P.Assessments are based on market value as defined by the International Association of Assessing Officers.
