Non-Residential Property"Non-Residential Property" means linear property, components of manufacturing or processing facilities that are used for the congeneration of power, or other property on which industry, commerce, or another use takes place or is permitted to take place under a land use bylaw passed by a Council. It does not include farm land or land that is used or intended to be used for permanent living accommodation. It does include:
Commercial and Industrial properties are assessed by the County Assessment staff. In order to determine the assessment of a property, the assessor considers the market conditions which affect real estate transactions. The assessor compiles information from (1) property sales date, (2) income and expense data, and (3) cost date. Using this information, one or more of the three accepted appraisal approaches is applied to determine property values. The method(s) used will depend on its applicability to the type of property being analyzed.
Applying the sales comparison approach, the assessor compares similar properties that have recently sold. Factors such as size, location, quality, condition, and date of sale are recognized. This approach can be used for all types of properties where there are sufficient sales for analysis.
Using the income approach, market valuations are determined based on the income generating capability of similar properties. Rental income, operating expenses, maintenance costs, insurance and rates of return are analyzed in formulating market values.
The third method used to determine market value is the cost approach. Base values for all properties are determined using the current cost to replace improvements, less depreciation, plus the value of the land. Property values are then adjusted to reflect current market conditions.
Mass appraisal of all properties is done through analysis and application of the variables reflected in the sale of similar properties with final valuations being statistically tested.
The assessment valuation on the Assessment/Taxation notice is the property's market value as of July 1st and property condition as of December 31 of the year prior to taxation.
- Linear properties including oil and gas wells, pipelines, electrical power systems, and telecommunicaiton systems are all assessed by Alberta Municipal Affairs under regulated rates established by the province. The assessment valuation on the Assessment/Taxation notice is the property's Assessment as of October 31st of the year prior to taxation.