Assessment vs Value Its not a great indicator

I was surprised when a very interested client walked away from a deal because her daughter said the assessment value was too low in relation to what we were asking.

These numbers are very subjective and often bear NO relationship to Market Value.  the example in question was a house in the RM of ST Clements in East Selkirk.  Taken aback, I calculated all the sales on the street in question over the last 4 years and the average sale was 135.8% above the assessed value with a range between 124 and 162% . that's not close people. If i went to my old job and made a sales forecast +/- 40%  i would have been a REALTOR® a lot sooner.  

Perhaps, I thought,  it was just the street, but no, the average differential for MLS® East Selkirk homes sold  in 2014 was 137.1% with a range of 118-158% A 1 year community value very consistent with the street over 4 years.

I know Winnipeg is much closer to market value as they have higher volumes and more consistent properties. i have seen some homes sell exactly at or  under assessed value that's how close their numbers are.

If you have questions about your area feel free to call me, i have an army of statisticians ready to calculate - no wait that's only for fantasy sports leagues. Seriously though I think these numbers should more accurately represent market value at least within 10 % because your taxes are based on it. SO if your tax assessment in ST Clements is less that 35% away from your market Value you are paying a disproportionate amount of Tax - Spoiler Alert - Most of the homes in that category were built after 2000 

It's not Just St. Clements and Each Municipality is a little different so its best to check and see where you stand market wise

To view your provincial assessment Click Here Select the RM and Enter your street number and street name : thew is also a function for roll # or even section range and township - if you get stuck just call or email me 

In Winnipeg the system is a little slicker and provides details important to comparison generally and a Valuation map so you can see what the neighbours  are valued at    its very user friendly just Click Here and enter your address 


For other Provinces check with your local Century 21 Agent - they have the tools and tech to give you great advice regarding your property or ask me to recommend one if you like.

In conclusion, like i said in the headline your assessed value or that of a property for sale is not a great indicator of value. Too much variability in data,especially in rural markets, and subjective values input into who know how old of a provincial database.  Call us for a complimentary Market Evaluation. Its quick and dirty but we should get you within 5% of value.  We have more detailed Opinion of Values that we provide for legal and tax purposes and beyond that we can recommend certified  Appraisers for bank financing or refinancing if they don't accept opinion of Values .  

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George Hacking

George Hacking

REALTOR®
CENTURY 21 Jefferson & Associates Realty Ltd.
Contact Me

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