The Gist:

• Tax assessments are done by municipal assessors that take elements of your property and the sale value of the properties around you into consideration, through an appraisal process.

  • In a tax assessment, the assessor will consider the average condition of your property.

  • It’s an algorithm that goes through the marketplace, and factors such as renovations may affect the sale value of your property.

• What is the actual value of your property and how do you calculate it?

  • Often you would have to hire a real estate agent to look into your home and determine its value.

  • Factors such as the sale price of other properties in your location over the past few months will also affect the end value of your home.

• In some cases, especially when there are renovations, the actual value of your home could increase. This will consequently increase your tax assessment.

  • The value of your property will change over time.

  • If you have complaints about how your property has been taxed, you can file a complaint following the process in the city you live in.

  • A complaint against a tax assessment is immediately followed up by a meeting with an assessor, who will come out and look at your property.

• Should your tax assessment be considered when you get an offer on your home?

  • A well-informed person who goes to your property with an offer already has an idea of your general tax assessment before making that offer, so therefore it is already based on that tax assessment.

  • On the other hand, the offer may also depend on relevant market information. This can include things like what other properties have sold for in the past few months.

Want to Know What Your Home is Worth?

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