Market Value Assessment:
A market value based assessment does NOT necessarily identify a property’s individual sale price or potential sale price. It attempts to provide a “fair actual” or average value based on several factors including similar properties which have sold.
Your current assessment notice does not reflect today’s market trends, it is based upon market conditions one year prior to today. Any changes (increases or decreases) in property values since then will NOT be reflected on the current assessment. See ‘valuation date’ below.
Assessors use a technique known as ‘mass appraisal’. ‘Mass appraisal’ is the process of valuing a larger group of properties, as of a given date, using standard methods and statistical testing. The focus in property assessment is not on the individual property, rather the entire class or group of properties.
Valuation and Condition dates
Legislation requires the assessment process to comply with two key dates: the “valuation date” and “condition date”.
The valuation date ensures all properties are valued as of the same date. The valuation date for the 2017 tax year is July 1, 2016. This means the assessment value on the 2017 Assessment and Tax Notice is an estimate of value as of July 1, 2016 .
The condition date is the “as‐of‐date” used to identify the physical state of a property for assessment purposes. The condition date for the current tax year is December 31, of the year prior.
This means the assessment on your current Assessment and Tax Notice represents the “fair actual value” as of July 1, of the year prior and represents the physical condition of the property as of December 31, of the year prior.
Appealing your assessment
You cannot appeal your property taxes, nor can you request a review of your property taxes. If you feel an error has been made, you can appeal the property assessment value (there may be an appeal fee involved). You must explain why you think your assessment is incorrect and you must be prepared to provide supporting documentation and evidence to support your claim. In other words it is insufficient to simply state “my assessment is too high”.