Residential PropertyIn Alberta, residential and most commercial property is assessed using the market value approach.
Market value is defined as the price a property might reasonably sell for after adequate time and exposure to an open market, when sold by a willing seller to a willing buyer.
To calculate your assessment, assessors look at property characteristics such as the size, type, and age of your property, as well as its location, style, condition, upgrades, and the lot size. The selling prices of similar properties in the same neighbourhood or similar areas are also considered.
Your property's market value is determined from a range of probable selling prices, not a specific selling price. The assessor uses mass appraisal techniques to determine the assessment with a base date of July 1st and property condition of December 31st of the year prior to the tax year.
Farm residences are assessed along with a three acre site as if it were a separate parcel and get an exemption depending on the amount of farmland they own to a maximum of $61,540.00 for the first residence. Additional residences are up to $30,770.00