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Under section 2(1) of the Provincial Regulation Matters Relating to Assessment and Taxation Alberta Regulation 203/2017 (the Regulation) land is to be assessed at its market value, unless it is used for a "Farming Operation" which is defined in section 2(1)(f) of the Regulation as:

"Farming operation" means the raising, production and sale of agricultural products and includes:

• horticulture, aviculture, apiculture and aquaculture
• the raising, production and sale of 
• horses, cattle, bison, sheep, swine, goats, or other livestock
• fur-bearing animals raised in captivity,
• domestic cervids within the meaning of the Domestic Cervid Industry Regulation (AR 188/2014), or
• domestic camelids
• the planting, growing and sale of sod, and
• an operation on a parcel of land for which a woodland management plan has been approved by the Woodlot Association of Alberta or a forester registered under Regulated Forestry Profession Act for the production of timber primarily marketed as whole logs, seed cones or Christmas trees, but does not include any operation or activity on land that has been stripped for the purposes of, or in a manner that leaves the land more suitable for, future development.

If land is used for a "farming operation" then the valuation standard is "agricultural use value" which is defined in Section 1(b) of the regulation as: "Agricultural use value" means the value of a parcel of land based exclusively on its use for farming operations.