Property assessment is used to determine each property ownerís share of the total property tax. Property taxes are the County of Forty Mile No. 8ís largest source of revenue. It is the objective of the County to provide fair and accurate assessments on which to base the property tax.
The Alberta Government sets regulations, legislation, guidelines and quality parameters which determine assessment procedures throughout the province.
Farmland is assessed by regulation based on the agricultural productivity of the land. The current maximum assessment for farmland in this County is $227.50 per acre for dry land and $382.50 per acre for irrigated land. The maximum values provincially are $350/acre for dryland and $450/acre for irrigation.
Residential and Commercial Property is assessed by market value. This is determined by the mass appraisal comparative sales approach. In this approach numerous sales of comparable property are used to determine value.
Pipelines, power and communication lines are assessed by provincially regulated rates.
Oil, gas and manufacturing plants are assessed according to their cost to construct.