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My Calgary Property Tax Assessment Means Nothing

Posted by Rachel R. Vanderveen on Wednesday, September 17th, 2014 at 11:54am.

Property taxesI have written on this topic before, but I just feel I need to come back to it because I hear it over and over again and sometimes I feel as if I am fighting against a tide of unrelenting strength.

Say it with me people:

"My Calgary property tax assessment means nothing"

Nothing. The true market value of your property is as clearly reflected in your most recent property tax assessment as culinary excellence is reflected in a Tim Horton’s BLT. If you’re lucky it MAY get you into the proper $100,000 period.

Your assessment was done by (what I think is a room full of monkeys on typewriters) but is probably a group of unionized city employees who crank out these numbers in a set time frame, and they did it a long time ago. They may have been in the ball park when they made them, but in most cases I’ve seen, they weren’t even correct then. I’ve never even seen one come within $10,000 of fair market value. Not even $20,000. It’s like getting a market value for Apple stocks dated 6 months ago and saying, “Here’s the value of Apple!” No. It fails to take into account the release of the iPhone 6. It fails to take into account current supply and demand climates. It fails to take into account what’s happening in manufacturing plants. It’s just not correct.

Fair market value can only be evaluated using current market comparables with a heavy weight on sold properties. Not the ones you see listed on MLS, but ones that have recently sold. So, let’s say it together again:

My property tax assessment means nothing.

Rachel Vanderveen

The Vanderveen Team
Maxwell South Star Realty
Phone: 403.253.5678 Fax: 403.592.6736

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