The answer is… yes.
Because it could be either!
The other answer is…your assessed value is very rarely a reflection of current market value, because it is already old information by the time you receive your notice.
In Alberta, the Municipal Government Act and the Regulations under the Act which are called Matters Relating to Assessment & Taxation (MRAT) set out how and when properties are assessed.
MRAT sets the “Valuation Date” in Alberta which is July 1st. You receive your assessment sometime during the month of January so the assessment is already six months old, and as we have seen in the City of Calgary, the real estate market stats can change a lot in six months, one way or the other!
The best way to get an idea of the current market value of a property is to ask your favourite REALTOR® to provide you with recent sales through the MLS® of homes which have features similar to the features of your home.
This shows the range of how much buyers have been willing to pay.
I hope this answers your question – if you have further questions or if you would like to know the current market value of your home I would be happy to help!
Send us your questions here: https://www.cbcompleterealestate.com/contact
Susanita
