Taxes and Assessment
Assessment is the evaluation of assessable properties on an annual basis with adherence to the Alberta Statute, Municipal Government Act (MGA), and associated regulations.
The purpose of assessment is to fairly and equitably establish values allowing for the fair distribution of the property tax burden. Assessed values are based on establishing either a market or regulated value.
- Market Value -This is defined by the MGA Section 1(n) as "the amount that a property might be expected to realize if it is sold on the open market by a willing seller to a willing buyer." The market value date is established as of July 1, the year preceding the tax year. For example, July 1, 2012, is the valuation date for the 2013 tax year.
- Regulated Value -This is based on rates established annually by Alberta Municipal Affairs, Assessment Services Branch, and published in the Alberta Farmland Assessment Manual, the Alberta Machinery and Equipment Assessment Manual, and the Alberta Linear Property Assessment Manual.