Assessing Property Value

1. Estimate the value of building(s) based on the Replacement COST New (RCN) of the building;
2. Calculate the depreciation of the building based on age and subtract it from the RCN value;
3. Adjust the value to the local market by looking at comparable sales; and
4. Add the value of the land based on vacant land sales in the City.

1. Collect income and expense information from property owners through mandatory Income Expense Forms;
2. Establish comparable properties based on location, types (townhouse, 4-plex, low-rise, high-rise, etc.) and suite mix (1-bedroom, 2-bedroom, bachelor, etc);
3. Determine rental rates based on rental income of comparable properties;
4. Apply a vacancy percentage based on comparable properties; and
5. Take the calculated value and adjust to the local market by looking at comparable sales.

1. Analyze comparable sales of residential properties;
2. Adjust values based on factors such as age, size, quality, condition, garages, decks, finished basements, location and land area, etc.

How does the City of Prince Albert assess residential properties?

The City determines assessed value for a property using a mass appraisal market value assessment system. Sales of residential properties are used in conjunction with property characteristics to create models for the valuation of properties using standardized procedures and allowing for statistical testing. This process ensures equity in assessments.

Residential property is subject to the Market Valuation Standard set out in provincial legislation. The market valuation standard is achieved when the assessed value of the property:

1. Is prepared using mass appraisal, which is the process of preparing assessments for a group of properties as of the base date using standard appraisal methods, employing common data and allowing for statistical testing.
2. Is an estimate of the market value of the estate in fee simple (all rights that accrue) in the property.
3. Reflects typical market conditions for similar properties.
4. Meets the quality assurance standards established by order of the Saskatchewan Assessment Management Agency.

Why did the City revaluate my property in 2021?

Provincial legislation requires all properties in Saskatchewan be revalued every four years. The Saskatchewan Assessment Management Agency (SAMA) is responsible for assessment policy in the province. Revaluation keeps property values more current and takes into account the various economic and value changes that occur. While in Saskatchewan revaluations of properties are every four years, many provinces conduct revaluations every one or two years.

Why would my property's value change?

Improvements made to your property, such as building an addition, adding a garage or finishing your basement, etc., could change your property's assessed value. Removal or construction of a building or a garage can also change you assessment value. Your value could also change because of the four year cycle of the revaluation.

Where do assessment appraisers get the information to calculate the fair value of my property?

Assessment appraisers review information about your property obtained from recorded property characteristics. Building permits, site visits, land title information, maps, photos, sales data, and property request forms. Using this information they calculate your property's assessment using a variety of appraisal techniques similar to what a realtor or fee appraiser would do. It must be remembered, however, that the assessment appraiser must use mass appraisal and that all values must be fair and equitable with similar properties.

What is Mass Appraisal?

Mass Appraisal is not an individual appraisal on one particular home. Rather, it is a valuation based upon multiple sales of similar properties within your neighbourhood and even across the city in some cases. Mass Appraisal is the legislated technique used to determine values of homes for assessment purposes.

Legislation defines mass appraisal as the process of preparing assessments for a group of properties as of the base date (January 1, 2019) using standard appraisal methods, employing common data and allowing for statistical testing.

My house sold this year for an amount different than the assessment the City provided. Why?

Similar properties often sell for different prices for a variety of reasons including buyer preference, negotiating skills of the buyer and seller, how quickly the seller wishes to rid themselves of the property, as well as other minor differences such as landscaping. The value determined by the City is meant to be an estimated value for similar properties, even though they may have sold for varying amounts. The City is required to assess property value at a specific point in time which may be different than an actual sale date.

What is the difference between market value and market price?

Market value means the amount a property should be expected to realize if the property is sold in a competitive and open market by a willing seller to a willing buyer, each acting prudently and knowledgeably, and assuming that the amount is not affected by undue stimuli.

Market price is the price a particular buyer and seller agree to in the particular transaction. The two may differ for a variety of reasons such as personal preference, negotiating skills and particular wants and desires of both the seller and the buyer. In some cases, the difference could be substantial, and that is why properties are assessed using the mass appraisal system.

If I am not satisfied with my assessment, what can I do?

Contact the Assessment Division by phone at (306)953-4320 Extension 2, or visit the Assessment Division located in City Hall at 1084 Central Avenue. Ask to speak to an assessment appraiser with respect to your property. They will explain how your assessment was determined and ensure they have the accurate information for your property. If changes are required or you are still not satisfied after speaking to the assessment appraiser, you can appeal your assessment to the Board of Revision. Please see the section about appeal your property assessment.