To offer fair and equitable assessments, values are determined through the mass appraisal approach, analyzing properties that have sold within the 3 year valuation period leading up to July 1, 2021. Different neighbourhoods or dwelling types may see their value appreciate or depreciate from year to year.
The purpose of the assessment is not to reflect a single sale price, but to assess all properties at typical market value as of the same valuation date.
Many factors are considered when valuing property such as:
For more information please view the Guide to Property Assessment and Taxation published by the Government of Alberta.
Assessment notices are mailed before tax bills each year to allow property owners the opportunity to review their assessed value, property details and raise any concerns before taxes are calculated. The legislation provides a 60 day review period starting on the Notice of Assessment date. Changes to your assessment will only be considered if an inquiry is received during this legislated time frame.
"Market value" means the amount that a property might be expected to realize if it is sold on the open market by a willing seller to a willing buyer.
There are a number of factors that go into determining your assessed value. A variety of changes including extensive renovations, basement development, garages, additions, fireplaces and decks can alter the assessed value of a property.
The assessed value is determined through an analysis of properties that have sold in the previous year. Different neighbourhoods or dwelling types may appreciate or depreciate in value at different rates from year to year.
The average market value of single family homes may have decreased overall, but the difference between each neighbourhood may not match the overall year to year change.
Your assessment is based on typical market value, so any significant changes to your home will likely impact the market value. Therefore, your property assessment will likely change accordingly.
The information for property assessments comes from a variety of sources.
For example, the square footage of your home is taken directly from the building plans provided to the City of Airdrie.
Lot sizes are determined from the registered plan of subdivisions and the Land Titles Registry system.
The property owner also provides information through supplementary assessments and permits.
When a basement development has occurred, development permits that have been registered before December 31st will automatically be added to the following year’s assessment. It is the responsibility of the homeowner to contact the assessment department if the basement is not complete before December 31st. A mandatory inspection will be required for confirmation.
Mass appraisal is the process of valuing a group of properties as of a given date that are similar in relation to the market value standard and uniform in comparison to similar properties. The purpose is to assess all similar properties at a similar value so that property taxes are fairly and equitably distributed among all properties.
Assessment values are determined by mass appraisal, which uses a common approach and common data to provide a typical value for a property. For similar properties, there are a range of prices. For example, your sale price may be at the upper or lower end of this range. A property’s sale price can be outside this range and its assessment can still meet the legislated standard.