Mass Appraisal
Assessment Methods
Our experienced assessors use the mass appraisal process to analyze supply, demand, sales data and property characteristics to determine property values. Computer models help us collect, organize and analyze data for each of the province’s 647,000 property accounts.
With mass appraisal, similar properties in similar areas are assessed at similar values, so municipal property tax is distributed equitably.
We use three methods to determine a property’s value, depending on the property type and how frequently similar properties are bought and sold on the open market:
- Direct comparison
- Income
- Cost
Direct Comparison Approach
We typically use the Direct Comparison Approach for residential properties, condominiums and vacant land.
We analyze recent sales of similar properties to determine the value of your property and adjust for local market conditions.
We analyze recent sales of similar properties to determine the value of your property and adjust for local market conditions.
Income Approach
We typically use the Income Approach for properties whose value is based on their ability to generate revenue, like apartments, office buildings, shopping malls, hotels, and manufactured home parks.
We collect and analyze detailed income and expense information for your property and compare it to similar properties to determine how much income your property could be expected to generate. Then we analyze the relationship between income and sales prices to calculate the capitalization rate.
We collect and analyze detailed income and expense information for your property and compare it to similar properties to determine how much income your property could be expected to generate. Then we analyze the relationship between income and sales prices to calculate the capitalization rate.
Cost Approach
We typically use the Cost Approach when there aren’t many comparable sales for comparison (for example: if your property is unique, or there haven’t been many sales in your area).
We determine the value of your land and calculate the current cost of replacing the buildings on your property. Then we apply a deduction for depreciation due to age, functional or economic conditions that could impact the value of your property.
We determine the value of your land and calculate the current cost of replacing the buildings on your property. Then we apply a deduction for depreciation due to age, functional or economic conditions that could impact the value of your property.