The City of Calgary uses market value assessment to place a value on every property and business in the city as of July 1 of the previous year.
City assessment compares apples to apples
Market value assessment is used because it is a fair, transparent process that is based on the real estate market. To determine a fair market value for your property (what it would have sold for on July 1 of the previous year), assessors look at many factors, including your property's details and sales of properties similar to yours that sold in your neighbourhood in the last three years.
This comparison is important because it compares apples to apples, so to speak. You are compared to properties that are in a similar market area and type, with similar characteristics.
Property details are important
When considering property details, assessors look at your property's age, location, lot size, whether any additions or improvements have been done in the past year, proximity to greenspace, schools, community services, etc, and other influences such as view and traffic.
To ensure the information on record for your property is up-to-date and accurate, assessors send out requests for additional information and/or to confirm property details. They also conduct inspections as necessary.
Sales data is thoroughly analyzed
Assessors then collect sales data, double check information in MLS, verify that sales are valid (not foreclosures, sales to family members, etc.), as well as analyze other sources such as rental statistics, construction costs and other real estate listings.
Audited and approved
After conducting extensive analysis, assessors are then able to determine your property's assessed value. This value goes through internal checks and balances and a provincial audit before it is approved and mailed to you in early January.
View and manage your assessment details, calculate your tax, and compare with other properties and/or businesses on the Calgary Assessment website.
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