Residential properties are assessed using the local sales comparison approach to value, based on an estimate of the property’s market value as of July 1 of the year prior, and the characteristics/conditions of the property as of December 31. This considers factors such as the quality, desirability, and utility of the property. Commercial properties are assessed using a combination of the 3 approaches to value including cost, comparison, and income produced by the property. Farmland properties are assessed using a regulated rate per acre, provided by the provincial government. This rate is based on its productive value for agricultural use, not market value, using a standardized process outlined in the Minister’s Guidelines and the Alberta Farmland Assessment Manual.

To determine the taxes owed on a property, the total taxable portion of an assessment is multiplied by the local tax rate and any federal/provincial taxes to determine a tax levy.

Market value is the probable price your property could sell for in a competitive and open market.

Contact a member of Municipal Property Consultants to discuss any assessment questions or concerns regarding reassessments.