Every year, the City assessors capture the market conditions of Edmonton’s real estate market as of July 1. Then, they review and analyze the data received throughout the year from different sources to establish most probable value your property would have sold for on the open market.
City assessors use similar criteria that property appraisers and real estate agents use when pricing a home for sale. For example:
- Style of home (for examples, bungalow or bi-level)
- Size of lot
- Size of home
- Year built
- Basement or lower level finish
- Garage (for example, size, detached or attached)
- Building condition
- Type of roof
- Fireplaces, air conditioning or other special features
- Locational factors (for example: proximity to golf courses, lakes, parks, river valley, commercial development and high traffic routes)
- Swimming pools and associated buildings
Information resources used by the City include
- Property sales
- Alberta Land Title office records
- City records (for example, permit and construction information)
Your current property assessment notice indicates the City’s estimate of your property’s market value—the amount it would have sold for in the open market—on July 1 of the previous year. And, it is adjusted for any changes in physical condition recorded by December 31. Provincial legislation establishes these dates and requires that property assessed values be estimated every year.
If your property was only partially complete as of December 31, your assessment notice will reflect the value of the land plus the value of the building, based on its completion percentage. The City will issue a supplementary assessment notice that will reflect the value of newly completed construction.