In Alberta, residential and most commercial property is assessed on the basis of a property’s market value. Market value is defined as the price a property might reasonably sell for after adequate time and exposure to an open market when sold by a willing seller to a willing buyer.
Provincial regulation directs that property assessments must reflect typical market conditions as of July 1 in the previous year.
To calculate your assessment, assessors look at property characteristics such as the size, type, and age of your property, as well as its location, style, condition, upgrades, and lot size. The selling prices of similar properties in the same neighbourhood or similar areas are also considered.