Determining Market Value
How is market value determined?
Market value assessments are prepared using mass appraisal. This is the process of valuing a group of properties as of a given date, using standard methods and allowing for statistical testing. For residential property, assessors compile, review and analyze information from all legitimate real estate sale transactions that have occurred in St. Albert over the 12 months before the valuation date. This process results in the estimated value of your property as of July 1, 2022.
Residential and Condominium Properties
The primary valuation method used to value residential and condominium properties is the sales comparison approach. Your property is compared to similar properties that have recently been sold. Factors such as size, location, quality, condition and date of sale are taken into consideration. Because of the high volume of residential sales that generally take place within St. Albert each year, this method can provide a very accurate measure of your property's market value.
Why do assessed and market values vary?
Your assessment is based on a very specific valuation date of July 1, 2022, as required by provincial legislation. Your Assessment and Taxation Notice is mailed in May 2023 and is 11 months after this valuation date. Substantial increases or decreases based on real estate market conditions can occur to the value of properties between these two dates. Any sales activity or change in home prices occurring after July 1, 2022, is not reflected in this assessment but will form the basis for next year's assessment.
An assessor can provide comparable property sales information that can assist in determining whether your assessment is fair and equitable.
What if I feel my assessment is incorrect?
If you have questions concerning your property assessment, or you feel that your assessment is not accurate, you should do the following:
- Contact Assessment at 780-459-1603 to get more information on how your assessment was determined or to compare with properties that are similar to your own.
- Talk to an assessor. If the information used to value your property is in error, the assessor may be able to correct your assessment without filing a formal appeal.
- If after speaking with an assessor, you still feel that your assessment does not accurately reflect the market value of your property as of July 1, 2022, you may appeal your assessment. Please refer to the reverse side of your Assessment and Tax Notice for details regarding how to appeal.
- Assessment appeals are first heard locally by the Assessment Review Board (ARB), which is a board appointed by City Council. Members of the board are chosen from the community at large.
Related Pages
Last edited: May 1, 2023