Is the city property assessment an accurate value of my home?
Every January Calgary homeowners receive their yearly Property Assessment from the City but have you ever wondered if the figure is an accurate reflection of the actual value of your home? In short, the answer is no.
There are a variety of reasons for this with the most value-affecting being the fact that the assessment is based on sales data from the previous year. So basically, if the market has increased in the last year, then the figure is low. Alternately, if the market has been on the decrease, then the value is high. Historically, Calgary rarely sees a prolonged balance market so you can count on market variances from the time the data is sourced to the time that you receive your assessment in the New Year.
You will also notice that values in older neighbourhoods are particularly skewed because of the diversity of the properties. Some homes are original while others have been updated. Some lots have been subdivided while others haven’t. These factors not always taken into consideration.
Another thing to keep in mind is the purpose of the city assessment. According to the City of Calgary they annually prepare property assessments “for the purpose of taxation” – it is not intended to establish market value.
There is no better way to establish the accurate to current market conditions value of your home than to contact me for accurate comparables and a full comparative market analysis (CMA) on your property – at no cost to you. Visit me on Facebook and Google!
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