Market Value

What is market value?

Market value is the valuation standard set by provincial legislation and is the basis for property valuation across Alberta. Market value is the probable price your property could sell for in a competitive and open market, as of a given date. Market value is recognized as the most understandable, transparent, and objective measure of a property's worth.

The market value shown on your 2023 Assessment and Taxation notice is based on a legislated valuation date of July 1, 2022, and reflects the physical condition of your property as of Dec 31, 2022.

What affects market value?

Factors such as the size of the property, location of the property, condition of the property, improvements made to the home such as basement development, additions and kitchen upgrades, and economic conditions all affect the market value.

Do renovations/improvements affect my taxes?

A significant improvement to a property generally increases its market value and assessed value because your assessment is based on market value. Improvements such as a new addition, garage, swimming pool or basement development will increase your property assessment. Interior renovations or modernization may increase your assessment, depending on the extent to which the market value has been enhanced.

Some improvements will not affect your assessment. Currently, the Assessment Department does not increase your assessment for the new construction of trees and landscaping, fencing, sidewalks, patios, decks, driveways or small garden sheds.

My neighbour's is assessed higher/lower than mine?

Several factors affect the value of properties that may not be evident at first glance. Differences impacting an assessed market value can include:

  • Lot Size and Lot Influences
    Are there differences (traffic, park, walk-out lot) between your lot and your neighbour's?
  • House Type
    Is the house you are comparing to the same type as yours? Common types are bungalows, two-storey and split level. Structure type will affect the value.
  • House Size
    Is the house you are comparing to the same size as yours? Size has a direct influence on value.
  • Age & Condition
    Are the homes of a similar year-built and condition?
  • Basement Development
    Does the house you are comparing to have a finished or unfinished basement? Does it have a walk-out basement?
  • Garage/Carport
    Does the property have a garage? Is it of a similar size?
  • Renovations & Quality
    Does the property have a similar quality of interior/exterior finish?

Related Pages

Last edited: June 22, 2023