What is Property Assessment?
- An estimate of the typical market value of your property developed for the purposes of determining your portion of the Municipality's property tax.
- The values for those parcels deemed taxable generate property taxes.
What is Market Value?
- The most probable price that a property would sell for as of a given date.
- The purpose is not to reflect one sale price, but to assess all similar property at a similar value so that taxation is fairly and uniformly distributed among all taxable property
- What is Mass Appraisal?
- Mass appraisal is the process of valuing groups of properties as of a specific valuation
- Provincial legislation requires that mass appraisal be used to calculate market values.
- Both mass appraisal and single-family appraisals are methods for arriving at estimates of value differing only in scope;
Represent the market for one kind of property in a limited area, more site specific
- Mass Appraisal:
Valuing groups of Properties, the mass appraisal process results in values that are accurate in relation to the market value standard and uniform in comparison to similar properties.
What is Assessment Value?
- Residential property assessment values are based on the sales comparison approach.
- Non-residential property assessment values (i.e. industrial, retail, office) are based on an income approach.
- Considers the relationship between typical/current market income and value, reflecting the activities of the participants in the market place.
- 2017 assessment notice reflects the physical condition and characteristics of your property as of December 31, 2016.
- Sales used in the analysis are prior to the valuation date of July 1, 2016.
Why This Matters to You? (In a revenue neutral scenario)
- If your assessed value increases less than the average increase, your taxes will likely go down.
- If your assessed value increases the same as the average, your taxes will likely remain the same.
- If your assessed value increases higher than the average increase, your taxes will likely increase.
Who Can Answer Questions About My Assessment?
- Tax Clerk - Corinne Savill 780-523-3388 or firstname.lastname@example.org
- Treasurer – Terri Wiebe 780-523-3388 or email@example.com
- Powers & Associates Appraisal Services Inc. 780-439-7227 www.powersandassociates.ca
What if I Still Don't Agree?
- You can appeal your property assessment value. You cannot appeal your property taxes.
- You may make a formal complaint to the Assessment Review Board. Instructions are found in the FAQ's or visit the Alberta Municipal Affairs website