What is a Property Assessment?
Property assessment is the process of placing a dollar value on a property for taxation purposes. It is regulated by the provincial government, and uses the market value approach for residential and most commercial property.
Market value is defined as the price a property might reasonably sell for after adequate time in an open market. Assessors calculate your assessment by looking at the property characteristics like:
- Age of your property
- Lot size
- Selling prices of similar neighbourhood properties
Your property assessment is affected by market changes caused by supply, demand and inflation. Your assessment will also be influenced by improvements or modifications made to your property.
How often are properties assessed?
Properties are re-assessed annually. City assessors will review properties throughout the year; however, market value assessments are based on market value as of July 1 of the previous taxation year.
Role of the Assessor
An assessor is a specialist who measures the value on all types of property. The property value calculated by the assessor is used as the basis for determining the amount to be paid or assessed for taxation purposes. Assessors must consistently work to ensure that property taxes are equitably allocated among all property owners based on the value of their property.