Does your Tax assessment tell you what your house is worth in todays market?

Does your Tax assessment tell you what your house is worth in todays market?

The quick answer is NO, but let me explain this bit further. The market value of your home today is based on calculations done today, not based on the market values at last years tax cut off day. On average the market evaluations real estate agents are doing now will be higher than your local tax assessment for 2010, at least in the City of Airdrie. Now there are a few exceptions such as the community of Reunion that saw a significant increase due to more expensive homes being built in the area.

Here in a nut shell is what has happened with the Airdrie City real estate tax assessments;

Residential property value assessments fell -5.74 per cent and saw an average price drop from $363,400 to $345,900 from 2009 to 2010. The Big Springs community in Airdrie experienced the largest decrease of -11.64 per cent in single family residential property value. Reunion saw a significant increase due more expensive homes being built in the area in later phases and saw a 33.67 per cent increase. Duplexes in Airdrie Meadows and Luxstone saw the biggest drops, falling 13.76 per cent and 4.26 per cent respectively.

If you are wondering what your property is valued at in Airdrie or Calgary compared to your current Tax Assessment, contact me (Bill Jones , HomesbyJones.ca). I will be glad to prepare a Free Home Evaluation and consultation for you.