If you're in Alberta, you've likely just received your 2023 property tax assessment. As an addition to reminding you that it is almost tax season, it's probably made you think of the value of your home.
Many people get hung up on the thought that the property tax assessment number is what they would sell their home for in the current market. However, this is often not the case.
A property tax assessment is the value assigned to a property for the purpose of determining the amount of taxes owed. This is not always the case but it is often lower than the market value of a property. The market value of a property is the estimated price a property would sell to a reasonable buyer in the open market.
Remember, in Calgary, property tax assessments are conducted on July 1st of the year prior and market value can change over time due to various factors such as economic conditions, local real estate trends, and individual property renovations or upgrades. The timeline between when the property assessment was conducted to when it was received by you alone could make your property tax assessment and market value number differentiate.
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