When determining the current value of your home, it is important to understand the difference between your City of Airdrie assessed value and the current market value.
These values are usually not equal amounts and serve different purposes.
The assessment value of your home is the dollar amount on which our local government levies property taxes.
The market value of a home is the dollar amount for which the home would most likely sell in the current real estate market.
Assessed value, for the purposes of calculating property taxes, is based on current ‘replacement cost’ of your property and average land value in your community.
A property’s assessment value is based on the City’s estimate of the property’s value on July 1 in the valuation year and based on the property’s characteristics and physical conditions on December 31 in valuation year. According to law, valuation year is defined as a year prior to taxation year.
Market value is determined by looking at comparable SOLD homes in the local area, competitive home listings, the square footage, location, amenities and condition of the property in questions. The market value is a theoretical amount that fluctuates based on the competition of comparable homes available, recent home sale prices and general market timing issues. Home market values may be consistently higher or lower based on season, current inventory available and is also affected by other factors such as interest rates and economic trends.