What’s An Assessment?
Property assessment is the process of appraising and assigning a dollar value to property for taxation purposes. Market Value assessments are considered the most fair and equitable means of assessing property as those with similar properties will pay similar amounts in property tax.
Some properties have regulated values and others have non-regulated values. The Market Value assigned to a residential property is based on a valuation date of July 1st and the physical condition of the property as of Dec 31st of that year.
For example, if construction of a residential garage was started in October 2017 the assessment is prepared based on the physical condition of the garage on Dec 31st, 2017. That is, if the garage was complete, as of Dec 31st, 2017, it would be added to the 2017 Assessment. If the garage was only 60% complete, only 60% of the completed value would be added to the 2017 Assessment. The value of the garage is then adjusted, if necessary, to reflect the market conditions as if it were in place July 1st, 2017. This is would be called the 2017 Property Assessment.
The 2017 Property Assessment is used to calculate 2018 Taxes.
How Are Taxes Calculated?
Assessors prepare the assessments.
Cypress County Council sets the tax rate. Once council approves an annual budget to operate their municipality, the revenue required is divided by the municipality’s Assessment Base.
Revenue Required / Assessment Base = Tax Rate (mill rate)
Then the tax rate is applied to each property.
Property Assessment X Tax Rate = Taxes Payable.
The Total 2017 Assessment Base is $ 5.204 Billion. The following chart shows total assessment and percentage of the base for each property type.
What if I Disagree With My Assessment?
The goal of the assessment department is accuracy and equitable assessments. Contact the Assessment department if you have any questions or concerns regarding your assessment.
After discussing your concerns with an assessor if you still believe your assessment unfair or incorrect you may file a written complaint.
Complaints can only be heard for matters related to Assessments. Example: "I do not agree with the Market Value assigned to my property."
Tax bill and tax rate complaints may be directed toward council. Example: "I do not agree with the amount of taxes I have to pay."
The sales analysis for the assessment year has been wrapped up. In
general, the residential real estate market still experienced growth
this year (July 1st, 2016 – June 30th, 2017) as indicated by both the
volume of sales and sale prices. The Market Value increases vary in
Cypress County because the large area. A big county like ours tend to
have many market locations (neighbourhoods) that perform differently as
buyers and seller select their perfect place to call home. A few of the
highlights include median changes of:
| Desert Blume
| Other Areas
|| +0.3% to 4.2%
These are typical changes for the overall areas; the actual
results of your property may vary. The sales used to calculate your
assessment are from July 1st 2016 to June 30th, 2017. The valuation date
is July 1st, 2017.
The market in Dunmore and Desert Blume continues to impress as sale prices increase, despite a year with uncertainty.
This is a map of the market locations
Locations have been determined over the years through groups of sales
where similar properties sell for the same amount. Other supporting
variables considered when determining market locations are distance to
shopping centers, major employers (such as the hospital) and appraisal
opinion. A residential sales sheet
including improved sales between July 1st, 2014 through June 30th, 2017
can be used to compare your property. The sales sheet indicates the
market location of the sale which refers to the map.