Property assessments are completed annually based on the previous year's market values. The assessment determines the amount of municipal and education tax each property owner pays. An assessment distributes fairly and accurately municipal and school taxes among property owners.
All property values in Parkland County are reviewed annually. Municipal assessments are audited by the Provincial Government to ensure that proper valuation practices have been followed.
Market value
Market value assessments were introduced in 1998 as a fair and more equitable way to calculate property values. Market value is the probable price a property could sell for on the open market as of a specific date. An assessor analyzes the real estate market to establish typical market value, based on mass appraisal.
Mass appraisal
Mass appraisal is the process of valuing a group of properties as of a specific date, using standard methods and allowing for statistical testing. Mass appraisal differs from single appraisal where a single property is the focus of the appraisal, rather than groups of comparable properties.
Determining the assessed value of your property
Market sets the value of your property. Market value assessments depend on variables such as:
- geographic location
- building style
- size of land
- buildings sizes
- number of bathrooms
- basement finish
- qualities of finish
- other factors
Three methods determine market value assessments:
- cost approach
- income approach
- sales comparison approach
2021 real estate market conditions determine the assessed value on your 2022 Property Assessment & Taxation Notice. This includes the examination of real estate market conditions from July 1, 2020 to June 30, 2021, and a physical characteristics date of December 31, 2021. Mass appraisal is then applied to all properties to determine the assessed value for your property.
All property values do not increase or decrease uniformly. Groupings of properties vary by quality, area, building type, and other factors. One group of properties may go up in assessment more than other groups of properties.
Related external links
Assessment Complaints and Appeals
Education Property Tax Facts and Information
Guide to Property Assessment and Taxation in Alberta
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