Non-Residential Assessment
How are non-residential properties assessed?
Non-residential properties are properties that are not used as a residence and typical examples include retail shopping centres, industrial warehouses, office buildings, and commercial land.
Non-residential property assessments are completed annually using mass appraisal to determine your fair and equitable share of taxation. The City uses one of three valuation approaches to determine values for non-residential property.
Income approach: This approach considers the typical actions of renters, buyers, and sellers when purchasing income-producing properties. This approach estimates the typical market value of a property by determining the present value of the projected income stream. Often used to value rental or leased property.
Cost approach: Typical market value is calculated by adding the depreciated replacement cost of the improvements to the estimated value of the land. This approach is often used for properties under construction or when there is limited market data available.
Direct comparison approach: Market value is determined by analyzing sales of comparable properties. This approach is typically used for vacant land, commercial condominiums, and residential.
Calculation sheets for non-residential property owners can also be requested by emailing the commercial assessor @ nonresidential@stalbert.ca Related Pages
Last edited: July 12, 2023