Property Value FAQ
- What is Market Value Assessment?
- How is a property’s market value determined?
- How are property market values checked?
- How often are properties assessed?
- Will my property be inspected annually?
- 1. What is Market Value Assessment?
It is the valuation of property based upon market value for property tax purposes. Market value is defined as the amount that a property might be expected to realize if sold on the open market by a willing seller to a willing buyer as of July 1 of the year prior to the taxation year. Provincial legislation mandates all municipalities to determine assessments for all of their properties annually based upon their value as of this date.
- 2. How is a property’s market value determined?
City assessors use many of the same variables as real estate agents use to determine the value of homes for sale.
- Recent home sales statistics
- Style of house (examples: bungalow, bi-level)
- Size of lot
- Size of house (outside measurements)
- Year built
- Basement or lower level finish
- Garage (examples: size, detached or attached)
- Exterior finish
- Building condition
- Type of roof
- Fireplaces, air conditioning or other special features
- Site or location influences (examples: golf course, lake, park, ravine, river valley, commercial, institutional, multi-family, traffic)
- Swimming pools and associated buildings
- 3. How are property market values checked?
There are three checkpoints for all assessed values:
- The City’s internal checks and balances
- The Provincial government's annual assessment audit process
- Individual property owners review
- 4. How often are properties assessed?
Property assessments are determined annually based on the real estate market as of July 1st and the physical condition of the property on December 31 of the year prior to the year the assessment is used to determine property taxes.
- 5. Will my property be inspected annually?
No. Detailed property information is already on file with the City Assessment office. Properties are re-inspected periodically to update our files or when notice is received that construction, renovation or demolition has occurred.
