HOW THE CITY OF CALGARY PREPARES RESIDENITAL PROPERTY ASSESSMENTS
The estimated value Assessment placed on your property comes from the measurement, analysis and interpretation of the real estate market on the valuation date - July 01, the year prior to taxation.
The City of Calgary uses a method called mass appraisal to calculate market value for residential properties. The mass appraisal technique values many properties as of July 01 of the previous year, using standardized methods and common data and allowing for statistical testing. When they prepare residential assessments, they typically look at all similar properties within a similar area that are sold during the same time frame. When properties are sold, there is a range of sale prices. Assessed values are based on these prices. This is called the sales comparison approach to valuation. The mass appraisal process produces assessments that are accurate in comparison to the market value standard and uniform in comparison to similar properties.
Factors that affect market value include:
- property location (including proximity to green spaces, community services, access, views)
- total finished floor area of a home
- lot size
- basement or lower level of home development (finished floor, walls and ceiling)
- age of building
- existence and type of garage
- traffic influences and
- in the case of income producing properties, the income generated by that property
What it doesn't take into consideration is the condition of the home. To appeal your property value, your first step should involve a Real Market Value assessment using specific homes sold in your area.
To have an assessment completed and emailed to you within 1 business day, fill out the form below. There is no charge for this service. Deadline for appeal is Feb.29/12