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Property assessment

What is property assessment?

Property assessment is a value placed on your property for taxation purposes. It reflects the market value of your property based on the market valuation date of July 1, 2013. The City of Calgary annually assesses property to determine your share of property taxes.

Assessment is governed by the Municipal Government Act of the Province of Alberta. The estimated value we place on your property comes from the measurement, analysis and interpretation of the real estate market.

Property assessment is the estimated value of a property used for Municipal and Provincial taxation purposes. The formula used to determine your property tax is:

Property assessed value x Tax Rate = Your property tax levy.

July 1, 2013 valuation date

Your Property Assessment Notice reflects the estimated market value of your property based on the valuation date of July 1, 2013, as set by the Municipal Government Act. Real estate market conditions may change from the time of the valuation date to when you receive your 2014 assessment. Market changes that have occurred since July 1, 2013 will be reflected on your 2015 annual market value assessment.

Mass appraisal: This is the process of valuing a group of properties as of a given date using standard methodology, employing common data and allowing for statistical testing.

  • The process is based on mass appraisal models that are an expression of how supply and demand factors interact in the real estate market.

Residential property assessment: When we prepare residential property assessments, we will analyze market activity for similar properties in similar area that have sold during the same timeframe.

  • Through analyzing properties that have sold, we are able to provide market value assessments to both the sold properties and those properties that didn't sell.
  • This is called the sales comparison approach to valuation.

Multi-residential property assessment: For multi-residential property assessments we use the income approach to valuation – capitalize the income being generated by the property using gross income multiplier.

Non-residential property assessment: In determining non-residential property assessments, we use one of three approaches to value, depending on the type of non-residential property:

  • Sales comparison approach — sales of similar properties.
  • Income approach — capitalize the income being generated by the property using a capitalization rate.
  • Cost approach — market value of land plus the depreciated replacement cost of the improvement.

Property assessments are completed on an annual cycle using the market value standard for property. Assessment typically works on two assessment roll years in one calendar year: current year and next year.

The assessment and tax timeline noted above outlines key and important dates for property owners.

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