1. Your current City Property Assessment Notice reflects the estimated market value of your property on July 1 and includes renovations until December 31, 2017.
2. City estimates are done using mass appraisal models, grouping similar homes together. They do not look at individual homes.
3. The city estimates your home’s value using the information they have from city permits and registered plans only. They do not include upgrades, etc.
4. The city doesn’t take into consideration any market influences or adjustments that occurred since July 1 of the previous year.
5. Homeowners don’t challenge their city assessment when the evaluation is low because they don’t want to pay more taxes.
The city property assessment is a value placed on your property for taxation purposes only. By contrast, the market evaluation provided by your Realtor is meant to help you price your home to sell and takes into consideration the current real estate market conditions, the state of your home and its upgrades, and what comparative homes in your area are selling for. This helps you make an informed decision on how much to list your home for – and it may be very different than your City Property Assessment.
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS® System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
