Quote:
Originally Posted by Slava
Is it really irrelevant though? The values for my street are all over the map. I really have no idea how the city comes to these values, but its a shambles. Honestly, for a city that complains about money and the budgetary fix it finds itself in, it seems like a good start would be to nail down these figures.
I'm going to say my house is average in my community, and certainly not the most expensive. There is a place a few doors down, which is arguably the same in terms of value and its assessment is 35% less than mine. My neighbour on one side is about 10% more than me and on the other is about 23% less. It's completely irrational.
And as far as the relevancy goes, when you're off by double digit percentages it's entirely relevant. I had my home value "increase" (according to the assessment last year, which I felt was wrong as well) and my tax increase was not double, but close enough. Obviously for me that's frustrating. But again, for a city that has no money for things you would think that they would address these issues and make sure they're collecting the right amounts.
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Large discrepancies between assessed values for same year, near an exact copy homes, land area etc is up for a gear grinder and worth exploring yes.
However, some in line with their area are down 3.6%, some 4.2%, I'm down 5.4%, etc. There's too many factors into the equation to worry about being down more or less than others.
Quote:
Originally Posted by The Yen Man
How is it irrelevant when it's used to determine property taxes? Yes, I know how mill rates work, but it's still to your advantage to have that assessment number as low as possible compared to everyone else's.
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Right, but no one is posting:
"I'm down 3.6% and the median for all exact comparable properties in one km radius that have made no changes to their homes are also down 3.6%"
And no one is posting:
"I'm down 1.6% and the median for all exact comparable properties in one km radius that have made no changes to their homes are down 3.6%. What the?"
Assessments go down and then mill rates go up. The average sales price in Calgary is approximately $420,000. I don't know the data but lets say the average assessment is $400,000 to keep things simple. If an assessment went down 1% more than the exact match neighbour the 2020 tax bill is a measly $30/year less.
Quote:
Originally Posted by Oling_Roachinen
I believe so. High appraised value, low assessed value, that's a perfect combination.
Some potential buyers may want to know if there's any underlining reason why the assessment is low, but lower taxes relative to the actual 'worth' of the house is a bonus. And the blackbox formula to come up with the assessed value, which uses bulk appraisal and values while usually never setting foot in the house, it really shouldn't matter.
As long as the assessed value isn't lower because the property is missing permits, let's say for a garage for example, then I'd still favour a lower assessment.
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Until next year's assessment utilizing the sales data and exposure of any improvements.