Market Value Assessment
Market value assessment is highly transparent: the real estate market is publicly visible and accessible. As real estate markets change within the County so do market value assessments. The real estate market establishes the value of your property. We simply measure that market value as of July 1st of each year. County assessors consider many factors and generally use the sales comparison approach to arrive at the market value of most residential properties.
Putting it simply…
- Market Value Assessment Process
- Collect sales data and sales property characteristics.
- Market analysis
- Property values determined for all properties.
- Provincial audit/approval
- Assessment roll and tax notices mailed.
- Customer Review Period
Whether you own a residential or non-residential property, and regardless of the approach used, The County of Forty Mile must arrive at a market value assessment. Market value is recognized as the most understandable, transparent and objective measure of a property’s worth, and is the desired standard for property tax use purposes.
Through the annual reassessment process, taxation responsibility is re-distributed among properties, based on the extent to which values change relative to one another within the County. When a property is assessed every year, fluctuations in property taxes occur incrementally, compared with the more substantial changes that can occur at one time when properties are not assessed for extended periods.