MARKET VALUE VERSUS PROPERTY ASSESSMENT VALUE & HOW TO DISPUTE IT
(February 28, 2019
)
By now you have received your Property Assessment from The City. You might be wondering, is this the amount your home would be listed for if you were to sell it?
Not necessarily. Property Assessments are calculated using Mass Appraisal, which is based on gathering basic information (year built, size, sold price) from transactions in the local market over the previous calendar year. The Market Value (what your house is worth if you were to sell it) will take the Property Assessment into consideration, but also takes into account the quality of build, including, finishes, upgrades, and renovations that have been completed, as well as the current market trends.
Any error on your Property Assessment could impact the amount of property taxes you are required to pay. Since tax bills are not disputable, it is important to review your Assessment and file a dispute before the appeal deadline on March 20, 2019. To do so, you’ll want to contact the City’s Revenue & Assessment Services department at 403-342-8126 or assessment@reddeer.ca.
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