Market Value
What affects market value?
Factors such as the size of the property, location of the property, condition of the property, improvements made to the home such as basement development, additions and kitchen upgrades as well as economic conditions all affect the market value.
How do home renovations/improvements affect my taxes?
A significant improvement to a property generally increases its market value and its assessed value because your assessment is based on market value. Improvements such as a new addition, new garage, swimming
pool or new basement development will increase your property assessment. Interior renovations or modernization may increase your assessment depending on the extent to which the market value has been enhanced.
Some
improvements will not affect your assessment. Currently, the Assessment
Department does not increase your assessment for the new construction
of trees and landscaping, fencing, sidewalks, patios, decks, driveways
or small garden sheds.
My neighbour's property seems very similar to mine, yet is assessed higher/lower than my property. Why?
There are a number of factors that can affect the value of properties that may not be evident at first glance. Differences can include:
- Lot Size and Lot Influences. (traffic, park, walk-out lot). Are there differences between your lot and your neighbour's?
- House Type. Is the house you are comparing to the same type as yours? Common types are bungalow, two-storey and split level. Structure type will affect the value.
- House Size. Is the house you are comparing to the same size as yours? Size has a direct influence on value.
- Age & Condition. Are the homes of a similar year built & condition?
- Basement Development. Does the house you are comparing to have a finished or unfinished basement? Does it have a walk-out basement?
- Garage/Carport. Does the property have a garage? Similar size?
- Renovations & Quality. Does the property have a similar quality of interior/exterior finish
