Learn more about property assessment, valuation, information included in assessments and supplementary assessment.
Property assessment is the process of placing a dollar value on property for taxation purposes using a market valuation system.
Provincial Legislation requires that:
- An annual market value assessment be prepared for all properties. The valuation date is July 1 of the previous tax year. Market value is the probable price a property could sell for on the open market as of a specific date. Your property characteristics are measured against other properties that have sold, to calculate a market value. Characteristics such as location, age, size and others are all considered. The real estate market establishes the market value of your property; we simply measure it.
- The condition of the property be recorded. The condition date is December 31 of the year preceding the tax year. The condition of the property is determined through property inspections and residential requests for information.
How assessment value is set
Assessment value is based on what similar properties have sold for in the open market. Assessment values are derived using a mass appraisal system. Mass appraisal is the process of valuing a group of properties as of a specific date, using standard methods and allowing for statistical testing. Mass appraisal differs from single appraisal where a single property is the focus of the appraisal, rather than groups of comparable properties.
The Property Assessment Mapping Tool shows you the information used to determine your property assessment value. You can also use the tool to compare properties or get a list of comparable property sales from the last two years.
- Learn more about property tax
- Use our property tax calculator to see how much tax you will pay on your assessed value
Information included in the assessment
Assessment characteristics include:
- lot size
- type of property (e.g.: residential)
- type of building (e.g.: bungalow or two-storey)
- amenities and improvements (finished basement, fireplace, garage, etc.)
- year built
- approximate living area
- effective age or building condition - this characteristic is affected by the replacement or non-replacement of property components such as doors, windows, roofing, flooring, paint, bathroom fixtures, kitchen cabinets, counter tops, furnace, hot water heaters, etc.
- renovations, general maintenance (repairs/replacement), deferred maintenance
Simply put, characteristics of a property that a typical buyer would be looking at when purchasing in the open market are the same characteristics that are considered when looking at assessment values. Some of these characteristics can either have a positive or a negative impact on property value.
Supplementary assessment is the assessed value of any new construction that has been completed or occupied during the calendar year and was not included in your annual tax notice.
Strathcona County, by bylaw, has authorized the supplementary assessment in accordance with Section 313 of the Municipal Government Act.
Example of a progressive residence (house under construction):
- In December 2022, the Annual Assessment Roll assigns the value of $215,000 to the land and the portion of the house already constructed.
- In June 2023 Annual Taxes of $1,500 are paid, based on a progressive assessment of $215,000.
- In September 2023 the house is completed. Total value assigned: $425,000.
- In December 2023 supplementary taxes of $500 are paid on an assessment of $210,000, covering one third of the year from September to December. (For the full year it would have been $1,500).
- In June 2024 the Annual Taxes will be $3,000.
$425,000 total assessed value (land and buildings)
-$215,000 assessed value of land and portion of build complete
= $210,000 supplementary value subject to taxation
x tax rate
/ 12 (months in a year)
x 4 (number of months occupied)
= $500.00 supplementary tax