The newest City Property Assessment has recently been released and many communities are showing an increase in value. Yet, home owners are left questioning whether the City Assessment an accurate way to value a home’s current market potential. While the City Property Assessmentwill give you a general idea, the true measure of a home’s value comes from a Comparative Market Analysis (CMA).
Here is a quick explanation of the two methods:
The City Property Assessment is conducted by taking certain physical features of your home (e.g. lot size) and comparing them with what has sold up to July 1 the previous year. It is done annually by the City of Calgary using sales data in the particular neighbourhood and using that data to come up with an assessed home value. The primary purpose of the assessment is to determine property tax amounts for the coming year and does not take into account interior renovations, or particular characteristics of a home, such as location, or proximity to amenities.
The CMA is an in-depth look at the current state of the market as it relates to your home and its particular features. By comparing similar properties that have sold in the last 3 – 6 months, a true measure of market value can be obtained. In addition to looking at a neighbourhood as a whole, the CMA considers interior and exterior renovations and other factors that could affect value and looks at the specifics of one home against other. Active listings are also taken into account, but this is used more for strategy purposes than evaluation.
Curious about whether your City Property Assessment reflects current market value? Contact us – 403.478.3258 to request a complimentary CMA on your home or fill out the form below..