This is quoted from the City of Calgary website
http://www.calgary.ca/PDA/Assessment...ssessment.aspx
Quote:
Residential property assessment: When we prepare residential property assessments, we will analyze market activity for similar properties in similar area that have sold during the same timeframe.
- Through analyzing properties that have sold, we are able to provide market value assessments to both the sold properties and those properties that didn't sell.
- This is called the sales comparison approach to valuation.
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Wouldn't our house be considered a property that has sold? I don't understand why the purchase price wouldn't be considered.
Thank you for the link, I also checked the assessed value of my neighbours. My next door neighbour is assessed closer to what we paid, and his house is more similar in size. The other neighbours have much larger houses, with 3 car garages and over 3000 sqft, but my assessed value is closer to theirs.