May 30, 2017 | CREB
The scoop on property tax assessments
How much is your home worth?
It’s a simple question with a complex answer, but one thing’s for sure, if you want to find the current value of your home, you can’t rely on your property tax assessments alone!
Here’s our breakdown of city assessments and how they can be used to understand property value:
First, what are city tax assessments?
Each year in January, home owners know to expect their property tax assessment from The City of Calgary. These assessments are created annually to place a value on properties for municipal and provincial property tax purposes, ensuring that tax distribution is fair and equitable.
Second, how are they produced?
Assessments are based on market value, property characteristics and property condition. Each property is assessed using a real estate appraisal method that compares each property to other properties with similar characteristics that have recently been sold. Estimates are created from information collected in the prior tax year, and include the property’s market value and condition at that time.
Third, are they accurate?
Since property tax assessments are created specifically for tax purposes, they do not accurately reflect a home’s current market value. The City relies on filed historical information to create the assessment, not a current physical property inspection.
And finally, how do I find out what my property is worth?
To find the current value of your property, work with a REALTOR® to leverage their quality real estate experience and expert know-how for accuracy. Visit realtor.ca to find a REALTOR® in your area.
For more insight into the valuation process, check out these tips from Greg MacDonald, master appraiser at Sage Appraisals.