Condominium properties are assessed using the direct comparison approach to value which relies upon sales of similar properties in the real estate market. Titled parking stalls and storage units are assessed separately from living units because they are separately titled, hold value, and can be sold separately. In addition, the Municipal Government Act states that every unit of a condominium must be assessed.
Assessment of condominium unit
- Each unit and the share in the common property that is assigned to the unit must be assessed
- in the case of a bare land condominium, as if it is a parcel of land, or
- in any other case, as if it is a parcel of land and the improvements to it.
- In this section, "unit" and "share in the common property" have the meanings given to them in the Condominium Property Act.
For example, if the current year's assessment for titled parking stalls located in the suburbs is $10,000 and $2,250 for a titled storage unit. If the market value of a typical condo transaction (living unit, titled storage unit and titled parking unit) is determined to be $300,000 then the assessment for the living unit would be $287,750 and the titled parking unit would be assessed at $10,000 and the titled storage unit would be assessed at $2,250.
Market Value July 1, XXXX
- living unit, titled parking unit and titled storage unit = $300,000
- living unit assessment = $287,750
- titled parking unit assessment = $10,000
- titled storage unit assessment = $2,250
- combined living unit, titled storage unit & titled parking unit assessment = $300,000
Assessment values for titled parking and storage units in residential condominiums have been determined by analyzing market area sales. There are five market areas for titled parking units:
- Beltline & Inglewood
- Inner City I
- Inner City II
There are two market areas for titled storage units: