- You Are Here:
- Reviewing Your Assessment
Reviewing Your Assessment
Reviewing your assessment
Review notice to ensure:
- Your name, address and school support are correct
- The property classification (residential, farmland, and non-residential)
Next, compare the assessment on your notice to the typical market value of your property as of July 1 of the previous year, not current market conditions. Then you should compare your assessment to the assessments of similar properties in size, age, quality, condition and location.
Once you have compared your new assessment to its previous year’s market value and to the assessments of similar neighbouring properties, and if you have questions or concerns about your assessment, contact the Assessment Department.
If you are not satisfied with your assessment after discussing it with an assessor, you may file a formal complaint with the assessment review board and have them review your assessment. A formal complaint can only be submitted within the 60-day customer review period.
The customer review period is 60 days from the Notice of Assessment Date. Changes to your assessment will only be considered if an inquiry is received during this legislated time frame.
Market value assessments
Market value, as defined in the Municipal Government Act 1(n), means the amount that a property might be expected to realize if it is sold on the open market by a willing seller to a willing buyer. Market value assessments are done using mass appraisal techniques, which determine property values by grouping similar properties as of a specific date.
The purpose of assessment is not to reflect a single sale price, but to assess all properties at typical market value on the same valuation date, so that taxation is fairly and uniformly shared. The Town of Cochrane employs qualified assessors who assess properties based on provincial legislation and regulations.
Assessment value factors
Assessors consider many of the same factors that a home owner does when they choose to purchase a home. Some of the factors that determine the value of your home include:
- Style of house
- Square footage
- Lot size
- Basement finish
- Year of construction
- Overall quality
Unique location influences, like the mountain views and river valleys result in overall higher market values compared to other neighborhoods or properties. Furthermore, influencing factors such as traffic, train or commercial may result in lower market rates.