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Value of Calgary homes and condos spike in latest property assessment |

The assessments are used to determine property and business taxes, and are based on the market value of property as of July 1st, 2014 and the physical condition as of Dec. 31st, 2014.

Highlights of the most recent assessment include a $45,000 increase in the value of single residential homes to a record $475,000.

The median residential condominium assessment is also up from 2014, jumping $30,000 to $290,000.