Understanding Property Assessments:
Each year the City of Calgary will send you a “Property Notice Assessment”. These Assessments are mailed January 5th in every New Year. This document details the following information for you:
Every July, from the previous year, the value of your home is determined using either the “mass appraisal approach” for groups of properties or the “sales comparison approach” for individual properties.
The mass appraisal approach is the process of assessing groups of properties using standard methods and common statistical data and allowing for statistical testing. This helps the City efficiently get the property values of groups of similar properties.
The sales comparison approach looks at single residential property. Below is a list of what the City considers when determining values with this approach:
For the sales comparison approach the City of Calgary also uses information from the Alberta Land Titles Registry, Multiple Listing Service (MLS) and the Calgary Real Estate Board (CREB) to narrow down the most correct value of your property.
Once this assessed value is captured in July, a second assessment is complete in December, later in that same year. The City checks the characteristics and condition of the property on December 31st (if your home was under a major renovation, that matters to your property value and this is what the City is looking to update in December).
Once everything is complete the City mails out your Property Assessment Notice on January 5th of that New Year. When you receive your notice you may disagree with the value the City assigned you. You may appeal to the City for up to 60 days (March 6th of that year) in an attempt to lower your property taxes payable.
I guess the ONE true way to know the market value of your home is to sell it. Until that point, assessing the value is not an exact science.
I hope you’ve found this helpful. If you have any questions for me, please leave a comment below or contact me directly. chad@canadamortgagedirect.com. 403-809-5447
Cheers,
Chad Moore
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