Each year, The City of Calgary provides property assessments to ensure that everyone pays their fair share of property taxes. A property assessment is based on your property’s estimated market value or the amount it likely would’ve sold for as of July 1 of the previous year. This value is derived from an evaluation of the real estate market and is governed by the Municipal Government Act.
How Are Properties Assessed in Calgary?
The individual assessment of your property is based on the analysis of sold properties in your neighbourhood which are similar to yours, this is referred to as the sales comparison approach. Most residential properties within Calgary are assessed using this sales comparison approach to determine market value. Ultimately, the distribution of municipal taxes is determined through this annual reassessment process.
How does your assessment affect your property taxes?
Your property assessment is ultimately used to determine your share of taxes, compared to all of the properties within Calgary. Your assessment is multiplied by the tax rate set by the City Council, resulting in your share of property tax.
What are the factors affecting residential market value?
There are many different factors that are assessed to determine residential market value, including the neighbourhood you live in, the year your house was built, any renovations, etc.
Below are the 4 key factors affecting market value assessment.
- Location of the land parcel
- Lot size
- Structure size
- Structure type
- Style of home (e.g. bungalow, two-storey, etc.)
- Detached vs. attached
- Views from the property (e.g. a view of river or mountains)
- Green spaces (e.g. close to a large park)
- Proximity to traffic, commercial properties, multi-family properties, etc.
Property Value Websites
Are you considering selling your home and want to find out your sales price? Or are you wanting to gain a better idea of your property value for tax purposes? Whatever the reason may be, you can access dozens of websites that offer you an immediate estimate of your home’s value. All you have to do is search online for “how much is my home worth” and you will find plenty of websites to choose from. These online home value estimators gather data from public records such as recent sale prices and tax assessments to provide you with an estimate of value in the current Canadian real estate market. Your home’s physical attributes, location, and current market conditions are also taken into account to determine what it could be worth. Since the majority of these online tools are available to anyone free of charge, they are a good starting point to gain a better idea of property value. The downside of these tools, however, is that they do not always provide accurate estimates. If you want a more accurate assessment of your home in Calgary, you can contact us at Bridgedale Home Buyers to get a home evaluation. We make it simple and easy for you with only a few steps.
Our Process to Determine Your Home’s Value:
Either phone us at 403-280-3300 or simply fill out our online form with your name, email, phone number, and property address. If we determine that your home is a good fit for our services, we will schedule a time that works best for you to view your home in person.
Once we are at your home, we will evaluate its physical condition and answer any questions you may have. Then we will give you an offer based on our assessment.
Make the Sale
If you accept the offer, we can then start the process which includes all of the paperwork needed to conclude the sale, legally transfer the property, and deposit your funds. All of which will be done by the closing date you have selected.
We understand the need for quick solutions, and we can provide you with the resolution you need. Bridgedale Home Buyers can offer you a fast and simple process to sell your home. We work hard to provide each of our clients with the best experience possible and are happy to consider your unique circumstances on a case-by-case basis.